By Shreyashi Sanyal

(Reuters) – U.S. stock futures fell on Friday after a turbulent week that saw the Federal Reserve raising interest rates, but showing no sign of an end to war in Ukraine.

A broad drop could end a rally of three days that put the and on track to their best week since November 2020.

U.S. President Joe Biden called Xi Jinping at 9 a.m. Eastern Time (1300 GMT) to discuss the possibility of Beijing supporting Russia’s military operation in Ukraine.

Russia’s bombardment of Ukrainian cities continued as it launched missiles at an Lviv airport on Friday, with little hope of any peace negotiations.

Markets absorbed news surrounding the conflict and Fed’s move to hike its key lending rates by 25% on Wednesday. In addition to announcing an aggressive plan for more hikes, the U.S. central banking also predicted that policymakers would reduce their projections of economic growth for the year.

Mark Haefele wrote in a client note that UBS Global Wealth Management’s chief investment officer said, “We prefer to have a hedging strategy” and “selective equity exposure” over exiting high-risk assets.

Energy stocks are a way to protect against the risks from war in Ukraine. However, financials and value stock tends to perform better in times of rising rates.

At 6:45 AM. ET were down 189 point, or 0.555%. They were down 29.5 points (or 0.67%) and down 100 points (or 0.71%).

According to people familiar with the matter, Boeing shares rose 0.4% after it received a historic order from Delta Air Lines for 100 of its 737 MAX10 jets.

FedEx Corp., a U.S. shipping firm (NYSE:) suffered a 3.1% drop on Thursday after it announced lower-than expected quarterly earnings. However, video retailer GameStop Corp The stock exchange (NYSE:) reported a loss of 8.3% for its fourth quarter.

A day of “triple Witching” is when investors can unwind futures or options positions before they expire. This often causes large and unexpected market moves.