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Futures climb, Twitter slumps as Musk puts deal on hold

Kitco News

May 13 (Reuters) - U.S. stock index futures rebounded on Friday at the end of a bumpy week marked by rising concerns over tighter monetary policy and slowing economic growth, while Twitter plunged after Elon Musk put his deal for the social media company on hold.

Twitter Inc (TWTR.N) slid 17.5% in premarket trading after the Tesla Inc (TSLA.O) chief executive said the $44-billion deal was "temporarily on hold", citing pending details on spam and fake accounts. read more

Shares of Tesla (TSLA.O) jumped 5.3% after tumbling 27% since the Twitter deal was announced last month.

Other tech and growth stocks Meta Platforms (FB.O), Google-owner Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O), Apple Inc (AAPL.O), Amazon.com (AMZN.O) and Nvidia Corp (NVDA.O) rose between 1.2% and 3.4% after falling for most part of the week.

Wall Street has gyrated wildly this week on concerns that Russia-Ukraine crisis, fast-rising inflation, COVID-19 lockdowns in China coupled with hawkish Federal Reserve policy moves could spark a global economic slowdown.

On Thursday, the S&P 500 index (.SPX) came within a striking distance of confirming it had entered a bear market after swooning from its all-time high reached on Jan. 3. The tech-heavy Nasdaq (.IXIC) is already in a bear market, down 29.1% from its record close in November last year.

At 06:39 a.m. ET, Dow e-minis were up 249 points, or 0.79%, S&P 500 e-minis were up 45 points, or 1.15%, and Nasdaq 100 e-minis were up 208.75 points, or 1.75%.

Reporting by Devik Jain in Bengaluru; Editing by Sriraj Kalluvila
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