Stocks are sliding, Dow futures down 120

Good morning!

It’s the morning after the Fed’s big meeting where they decided to keep interest rates pegged near 0%, and after a wild swing on Thursday that saw stocks ultimately end the day lower, futures on Friday morning were pointing to a lower open to close the week.

Near 7:00 am ET on Friday, Dow futures were off about 120 points, S&P 500 futures were off 14, and Nasdaq futures were down 32.

Each of these declines were about 0.7%.

And while stocks were sliding, bonds were rallying as the yield on 2-year note, which had spiked to as high as 0.81% ahead of the Fed meeting falling down to as low as 0.66% on Friday morning.

Meanwhile the yield on the 10-year Treasury note was around 2.14% and the 30-year bond was down to 2.96% from over 3% ahead of the meeting.

The big takeaway from the Fed meeting came in three parts.

For one, the Fed kept interest rates low despite louder and louder chatter from Wall Street ahead of the meeting that the labour market, the economy more broadly, and financial markets need and want higher interest rates.

The second takeaway is that the Fed made clear they are watching developments abroad, a new wrinkle in its statement that otherwise read about the same as it has in recent months.

And finally, Fed chair Janet Yellen made clear in her comments following the statement that inflation is the Fed’s primary concern on Friday.

NOW WATCH: KRUGMAN: Wall Street Is Wrong, Janet Yellen Is Making Exactly The Right Move On Inflation

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