U.S. futures retreated Friday after a dispute between Treasury Secretary Steven Mnuchin and the Federal Reserve over its emergency lending facilities. European futures and Asian stocks were little changed.
S&P 500 contracts slipped after the Trump administration and the Fed publicly disagreed over whether to extend the pandemic programs. Stocks fluctuated in Japan and Australia and saw modest gains in Hong Kong and China. Treasuries, gold and the dollar were little changed.
Technology stocks had led U.S. benchmarks higher Thursday as investors weighed tougher virus curbs against the prospect of a vaccine rollout in the months ahead. Shares of firms seen as beneficiaries of lockdowns outperformed. Read more…..
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Jim Rogers, chairman of Rogers Holdings and co-founder of the legendary Quantum Fund, said that the next financial crash could be even worse than what we saw this year.