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U.S. Futures Decline as Stagflation Worries Linger: Markets Wrap

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(Bloomberg) — U.S. equity-index futures declined as concerns about slowing growth and persistently high inflation kept investors on the edge.

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Contracts on the S&P 500 Index fell 0.3% after the underlying gauge posted the biggest weekly loss since February. Iron ore to aluminum rallied as a global supply crunch turned commodities into a sellers’ market. Moderna Inc. tumbled in premarket trading as traders dumped vaccine stocks following Merck & Co.’s announcement about an effective Covid-19 drug.

Global markets have taken a risk-off turn as the post-pandemic recovery stalls on supply shortages in everything from semiconductors to coffee. A spreading energy crunch has added to concern elevated inflation will be longer-lasting than policy makers predict. Risks are multiplying at a time investors are bracing for Federal Reserve tapering as early as next month.

“The global chip and energy shortage is getting worse, the inflation…

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