Futures Pointing To Initial Pullback On Wall Street

(RTTNews) - The major U.S. index futures are currently pointing to a sharply lower open on Thursday, with stocks likely to move back to the downside following the rally seen in the previous session.

Concerns aggressive monetary policy action by central banks around the world may trigger a global recession are likely to weigh on Wall Street.

Following the Federal Reserve's widely expected 75 basis point interest rate hike on Wednesday, the Swiss National Bank unexpectedly raised interest rates for the first time since 2007.

The Bank of England also announced another 25 basis point rate hike. The BoE's Monetary Policy Committee voted 6-3 to raise the bank rate to 1.25 percent, the highest rate since early 2009.

Following the mixed performance seen during trading on Tuesday, stocks showed a strong move to the upside in Wednesday's session. With the upward move, the Dow and the S&P 500 regained ground after ending Tuesday's session at their lowest closing levels in over a year.
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