To The Moon

International markets fell sharply, following Thursday's slide on Wall Street, U.S. stock futures were traded lower on Friday.

E-mini futures tied to the S&P 500 were down 0.7%, and the tech-focused Nasdaq-100 index edged down about 0.79%.U.S. stocks rallied Wednesday after the Federal Reserve raised interest rates by half a percentage point, buoyed by relief that it wasn't actively considering even larger moves in the future, but that optimism faded Thursday as investors reassessed the outlook for stocks.

Valuations for U.S. markets have "moved from rich to very rich" in the past 10 years, said Frank Benzimra, head of Asia equity strategy at Société Générale. But as interest rates climb, the value that investors place on companies' future cash flows is decreasing, he said.

In addition, Mr. Benzimra said, some big technology companies depend on discretionary spending by consumers and on advertising -- making them vulnerable to cyclical shifts in the consumer economy.

In other markets, the yield on the benchmark 10-year U.S. Treasury note was slightly lower at 3.063%, according to Tradeweb. On Thursday it settled at 3.066%, its highest since November 2018. Bond yields rise as prices fall.

Most-actively traded contracts for Brent crude, the global oil benchmark, rose 0.6% to $111.57 a barrel, according to FactSet, extending their run from Thursday.