Futures climb, Twitter slumps as Musk puts deal on hold -Breaking
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(Reuters) – U.S. stock futures recovered on Friday after a turbulent week that saw rising worries about tighter monetary policies and slower economic growth. Twitter plummeted as Elon Musk canceled his contract for the company.
Twitter Inc The (NYSE:) fell 17.5% in premarket trades after Tesla Inc Chief Executive stated the deal worth $44 billion was temporarily on hold. He cited pending details regarding spam and fake accounts.
Tesla shares rose 5.3% following a 27% drop in share price since last month’s Twitter announcement.
Meta Platforms of other growth and tech stocks Meta Platforms by Alphabet (NASDAQ) Inc. Microsoft Corp (NASDAQ):, Apple Inc (NASDAQ):, Amazon.com.com. (NASDAQ): and Nvidia.com. After falling most of the week Corp rose between 1.2% – 3.4%.
Wall Street has been agitated by concerns over the Russia-Ukraine crisis and fast-rising inflation. This is combined with fears that hawkish Federal Reserve policy decisions could cause a global slowdown.
After falling from its Jan. 3 all-time high, the was within striking distance of declaring it entered a bearish market. Tech-heavy Nasdaq has fallen 29.1% since its November record closing.
At 06:39 AM. ET was up 249 points or 0.79%. ET was up 45 points or 1.15%. ET was up 208.75 or 1.75%.
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