June 14 - U.S. stock indexes were on track to open lower on Friday, retreating after several strong sessions, as investors weighed hawkish Federal Reserve projections against the backdrop of a cooling economy.
However, that clashed with the central bank's own forecasts released on Wednesday, where policymakers dialed back their projections for three cuts this year to just one. Several megacap growth stocks that have led much of Wall Street's rallies this year were down in premarket trading, with Microsoft , opens new tab, Amazon, , opens new tab Apple , opens new tab, Alphabet , opens new tab and Meta Platforms , opens new tab losing between 0.2% and 0.6%.
"The market is also just pricing in a probability, even if it's a small one, of a second half recession where the Fed has to cut rates a lot," Mayfield said.Chip stocks were a bright spot, building on Thursday's gains that saw Broadcom , opens new tab help lift the semiconductor index , opens new tab to an all-time high on Thursday. In trading before the bell, the chipmaker rose 0.3%, while peer Nvidia , opens new tab edged up 0.4%.
At 8:24 a.m. ET, Dow e-minis were down 258 points, or 0.67%, S&P 500 e-minis were down 21.75 points, or 0.4%, and Nasdaq 100 e-minis were down 37 points, or 0.19%.
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