Futures Drop as Reflation Trade Continues Unwind: Markets Wrap

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(Bloomberg) — U.S. equity futures fell, extending a bout of volatility ignited by surprise hawkishness at the Federal Reserve that may be exacerbated Friday by the mass expiration of stock options. Commodities slumped and the dollar touched a two-month high.

Futures on the Dow Jones Industrial Average slid about 0.7% as investors stepped back from trades tied to expectations for hot economic growth and inflation. The S&P 500 was poised to drop for a fourth day. Treasuries erased earlier gains after St. Louis Fed President James Bullard said on CNBC that the central bank has started discussing scaling back the pace of pandemic bond-buying.

“Investors believe the Fed will keep inflation in check, while U.S. activity is peaking,” Barclays Plc strategists led by Emmanuel Cau wrote in a note to clients. “This is driving rotation away from reflation plays and back to growth…

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