(Bloomberg) — U.S. equity futures slid and Asian stocks dipped Friday as traders weighed signs of a slowdown ahead for megacap technology companies and risks from China’s regulatory crackdown. Treasuries and the dollar rose.

Stocks fell in Hong Kong and China as well as Japan. Nasdaq 100 contracts shed more than 1% as Amazon.com Inc. tumbled in extended trading on indications its rapid growth through the pandemic is waning. Asia-Pacific stocks had jumped Thursday after Beijing tried to allay fears over regulatory curbs on private industries, but U.S.-listed Chinese equities later resumed declines.

S&P 500 futures also fell. The gauge rose overnight on data signaling scope for the Federal Reserve to keep policy ultra-loose. U.S. economic growth was solid while trailing estimates. Jobless claims dropped but were higher than forecast.

The dollar snapped a four-day retreat but is on course for its biggest weekly drop since May. Oil mostly held recent gains on expectations that demand from economic reopening will weather delta-strain Covid-19 flareups.

Stocks are rounding out a volatile week amid Beijing’s clampdown on private enterprise, which sparked a sharp selloff in Hong Kong and China and briefly caused widespread risk aversion. But the Fed’s expansive monetary policy continues to underpin broad market sentiment, after Chair Jerome Powell signaled the central bank is moving only gradually toward tapering stimulus if the U.S. makes sufficient economic progress.

“When it comes to China, if you can align your investment strategy with what the government wants, I think generally you are going to do pretty well in that situation,” Chris Weston, head of research with Pepperstone Financial Pty, said on Bloomberg Television. On the Fed outlook, markets indicate the first rate hike isn’t due until 2023, he added.

Amazon’s second-quarter sales and revenue forecast missed estimates, spurring the debate about whether tech stocks’ pandemic-related outperformance will give way to a revival in the cyclical trade tied to economic recovery from the health crisis.

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Elsewhere, Robinhood Markets Inc. ended its first day as a public company 8.4% below its initial public offering price after failing to win over some of the very retail investors it’s courting for long-term growth. Bitcoin continued to trade around $40,000, maintaining its recent rebound.

For more market analysis read our MLIV blog.

Here are the main moves in the markets:


S&P 500 futures declined 0.8% as of 10:30 a.m. in Tokyo. The S&P 500 index rose 0.4%Nasdaq 100 futures fell 1.3%. The Nasdaq 100 increased 0.2%Japan’s Topix index fell 0.9%Australia’s S&P/ASX 200 index slid 0.1%South Korea’s Kospi retreated 0.8%Hong Kong’s Hang Seng index slipped 1.4%China’s Shanghai Composite index lost 0.8%


The Bloomberg Dollar Spot Index added 0.1%The euro was at $1.1882The Japanese yen was at 109.52 per dollarThe offshore yuan was at 6.4674 per dollar


The yield on 10-year Treasuries dipped two basis points to 1.25%Australia’s 10-year bond yield increased two basis points to 1.18%


West Texas Intermediate crude was at $73.21 a barrel, down 0.6%Gold was at $1,830 an ounce, up 0.1%

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