Dow Jones, S&P, Nasdaq futures fall after big three-day rally

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Stocks index futures point to a lower opening on Wall Street Friday, with investors taking a breather after recent gains.

S&P (SPX), Dow (INDU) and Nasdaq 100 (COMP.IND) futures are down a little less than 1%.

The S&P is up 5.7% over the last three sessions.

Rates are falling. The 10-year Treasury yield is down 4 basis points to 2.15%, while the 2-year is down 4 basis points to 1.9%.

In geopolitics, ceasefire talks between Russia and Ukraine look to be stalling, with both sides pointing fingers.

U.S. President Joe Biden will speak with China President Xi Jinping today, with Biden expected to press Xi to refrain from any assistance to Russia.

“Chinese state media has criticized Russia’s actions in the Ukraine war, which might mean China pressures for peace,” UBS chief economist Paul Donovan wrote. “Russia searched behind the Kremlin sofa cushions and found USD 117 million to avoid default. However, the US government warned that peace talks between Russia and Ukraine are unlikely to progress, and there may be more nuclear threats from Russia.”

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