US stock futures dropped and Treasuries extended their losses, following disappointing earnings from Netflix and further signs that the Federal Reserve will raise interest rates aggressively to curb inflation.
Contracts tracking Wall Street’s technology-heavy Nasdaq 100 index were down 1 per cent during the early European morning, after Netflix said its decade-long run of subscriber growth had drawn to an end in the first quarter of 2022 and that it had become “harder to grow membership” in many markets.
Analysts at JPMorgan attributed the decline in US futures on Wednesday to “micro catalysts”, including the disappointing Netflix results.