Futures signal more selling on Wall Street as growth fears mount

At 06:22 a.m. ET, Dow e-minis were down 407 points, or 1.29%, S&P 500 e-minis were down 53 points, or 1.35%, and Nasdaq 100 e-minis were down 169 points, or 1.42%

US stock index futures fell on Thursday, signaling more selling on Wall Street as investors kept a close eye on the impact of rising inflation on the U.S. economy and corporate earnings.

The S&P 500 index and the Dow Jones Industrial Average on Wednesday logged their biggest one-day percentage loss since June 2020 after dismal results from retailer Target Corp underscored just how hard inflation is biting consumers.

Cisco Systems Inc slumped 12.5% in premarket trading as the networking gear maker cut its 2022 revenue growth outlook due to China lockdowns and the Ukraine conflict.

The S&P 500 is down 17.7% so far