Dow futures drop over 300 points as selling gathers pace after Fed minutes

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Dow futures drop over 300 points as selling gathers pace after Fed minutes
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U.S. stock futures slumped on Thursday, a day after minutes from the Federal Reserve's rate-setting committee indicated its bond buying program was on its...

U.S. stock futures slumped on Thursday, a day after minutes from the Federal Reserve’s rate-setting committee indicated its bond buying program was on its last legs.* Futures on the S&P 500 ES00, -0.90% lost 0.9%;On Wednesday, U.S. stocks suffered their worst single session in a month. The Dow DJIA, -1.08% fell 382 points, the S&P 500 SPX, -1.07% lost 1.1% and the Nasdaq Composite COMP, -0.89% fell 0.9%.

“While the formula provided could in principle be consistent with a taper decision in September , the overall tone of the debate – including multiple references to the delta variant – seem more consistent with a more methodical approach in which the Fed provides a clear signal in September that a taper decision is coming in November. That was and remains our call,” said economists at Evercore ISI.

Also noteworthy was a U.K. study, from the University of Oxford based on real-world data, that showed diminished effectiveness from coronavirus vaccines to the delta variant. After four to five months, the study found that two doses of the vaccine from Pfizer PFE, -2.20% and BioNTech BNTX, -0.62% was as effective as two Oxford-AstraZeneca AZN, +0.15% jabs.

Robinhood Markets HOOD, +6.71% was set to retreat after the online broker’s cautious outlook on the third quarter.The selling was particularly intense in Europe, where miners dived nearly 5% to send the Stoxx Europe 600 SXXP, -2.09% down by 2%.

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