traders work on the floor of the new york stock exchange nyse on june 16 2022 in new york city stocks fell sharply in morning trading as investors react to the federal reserves largest rate hike since 1994 stock futures slipped on thursday evening as wall street looked to grind out a rare positive week in what has been a rough first half of the year futures tied to the dow jones industrial average fell 99 points or 03 futures for the sp 500 dipped nearly 04 while nasdaq 100 futures lost 04 the moves in futures come as the stock market appears to have found some stability this week at least for the short term after an afternoon rally on thursday the sp 500 is up 33 for the week while the nasdaq composite is up 4 and the dow is 26 all three averages are looking to snap threeweek losing streaks economic data will be a key focus on friday as investors try to determine if the us economy is falling into a recession new home sales data is due out at 10 am et and the final university of michigan consumer sentiment report for june will follow later in the day recession talk remains the focal point on wall street and that means whatever stock market rebounds emerge will probably be shortlived oanda senior market analyst ed moya said in a note wall street wont have any answers anytime soon for the questions on when will inflation peak how soon will we see a recession and how high will the fed raise rates the consumer sentiment reading could be particularly important for investors as federal reserve chair jerome powell said that a surprise drop in the preliminary reading was one of the reasons the central bank hiked its benchmark interest rate by threequarters of a percentage point earlier this month on the corporate front shares of fedex moved higher in extended trading despite a mixed fourthquarter report after the logistics company delivered an upbeat earnings forecast carnival cruise line is scheduled to release a business updated on friday morning