The rate hike plans in the United States also complement an approach that European Central Bank (ECB) board member, Isabel Schnabel believes will be ideal for the region. The outlook for the stock market futures is currently very gloomy as a new broad-based selloff has gripped the broader financial ecosystem. The futures tied to the Dow Jones Industrial Average (INDEXDJX: .DJI) plunged by 253 points or about 0.8%. Those for the S&P 500 (INDEXSP: .INX) and the Nasdaq 100 dropped 0.9% and 1.1%, respectively.
Growth in the stock market, especially for indices, has been a major hassle over the past few weeks and the US indices have continued on a downward spiral to close the market lower on Friday. The S&P 500 dropped 3.4% as the bulk of the gains printed throughout August were eroded. The Dow Jones slipped a little over 3% while the Nasdaq Composite (INDEXNASDAQ: .IXIC) went down by 3.9%. The fall was an encompassing one as even the Russell 2000 Index (INDEXRUSSELL: RUT) also more than 3% of its value on Friday.
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