US futures surge amid fears of rate hikes by Federal Reserve

• Nasdaq futures advance 1.57%
• Dow Jones futures tick up 0.95%

US stock futures went up early Friday after the S&P 500 was on the verge of entering a bear market territory

Dow Jones Industrial Average futures increased 0.95 %. The S&P 500 futures ticked up 1.15 % and the Nasdaq futures climbed 1.57 %.

During the regular trading on Thursday, The S&P 500 lost 0.6% to 3900.79 inchings closer to a bear market as the index is about 19% below its record reached in January.

The Dow Jones Industrial Average dropped 0.75% to 31,253.13 after posting the biggest decline since June 2020 on Wednesday.

The Nasdaq Composite was down 0.26% to 11,388.50 — following a 4.7% decline in the prior session.

High inflation, and the Federal Reserve's attempts to restrain prices by hiking rates, are one reason why equities have suffered in recent months.

The US Federal Reserve boosted the short-term interest rate by half a percentage point, or 50 basis points, last week, and announced plans to reduce its $9 trillion asset portfolio.

Picture Credits: The Street 

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