Futures slide after Musk’s warning on economy; jobs data in focus

Published by
Reuters

By Sruthi Shankar and Medha Singh (Reuters) -Nasdaq futures slid nearly 1% on Friday after Tesla CEO Elon Musk’s warning on economic outlook spooked investors already rattled by tighter monetary policies and soaring inflation. Eyes will now be on the monthly jobs report, due at 8:30 a.m. ET, for clues on the path of interest rate hikes amid growing concerns of a possible recession. Tesla Inc’s shares fell 4% in premarket trading after Musk said he has a “super bad feeling” about the economy and wants to cut about 10% of jobs at the electric-car maker, in an email to company executives seen by …

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