Global stocks extended their slide into a fourth day as concerns over lofty valuations and mixed signals from Federal Reserve officials on interest rates sapped investor sentiment.
The MSCI All Country World Index declined 0.1% in the longest losing streak in a month, while Asian shares fell 0.7%.
Drug companies slumped after President Donald Trump announced a 100% levy on branded or patented pharmaceutical products. S&P 500 futures were little changed while Nasdaq 100 contracts dropped 0.1%. European stocks were set for a modest gain.
The Trump administration is also weighing a plan to slash the US’s reliance on semiconductors made overseas, the Wall Street Journal reported.
A Bloomberg gauge of the dollar held near the three-week high and Treasuries traded in a narrow range, heightening focus on the Fed’s preferred inflation gauge, which is due for release on Friday.
After a $15 trillion rebound in global equities from April’s lows, traders now face a wall of uncertainty as tariff headlines return to unsettle markets.
The Fed’s next policy move, the upcoming earnings season, and the threat of a US government shutdown are also weighing on sentiment.
