june 17 reuters  us stock index futures bounced back on friday from a brutal wall street selloff this week after the federal reserves largest rate hike since 1994 and tightening measures by other major central banks raised fears of a recession the benchmark sp 500 spx and the techheavy nasdaq ixic have both plunged 6 so far this week with the former shedding nearly 2 trillion in this weeks selloff alone the fed on wednesday raised its key rate by 75 basis points to tame decadeshigh inflation and officials outlined a faster pace of rate hikes the bank of england and the swiss national bank also raised borrowing costs adding to worries of a global economic downturn even the most ardent buythedipper in the equity space is starting to realize inflation is a threat with central banks prepared to hike the world into a slowdown and possible recession to get on top of it said jeffrey halley senior market analyst at oanda fed chair jerome powell is scheduled to speak at a conference on the international roles of the us dollar at 845 am et the sp 500 has slumped about 23 this year and recently confirmed it was in bear market territory or down 20 from its record closing high the dow is also on the cusp of confirming its own bear market megacap firms apple inc aaplo amazoncom amzno and microsoft corp msfto gained about 1 each in premarket trading after a hammering on thursday the expiration of monthly options contracts is expected to add to the volatility ahead of the juneteenth market holiday on monday at 0649 am et dow eminis were up 172 points or 057 sp 500 eminis were up 2975 points or 081 and nasdaq 100 eminis were up 12325 points or 11 us shares of alibaba group holding ltd 9988hk jumped 10 after reuters reported chinas central bank has accepted an application by ant group an affiliate of the chinese ecommerce behemoth to set up a financial holding company read more reporting by anisha sircar in bengaluru editing by saumyadeb chakrabarty