U.S. stock futures slumped on Friday following Thursday’s declines. Futures of major benchmark indices dropped by nearly 1%.
Banking and financial stocks plunged on Thursday after Zions Bancorporation NA (NASDAQ:ZION) announced that it had incurred a sizable charge due to bad loans of a couple of borrowers. Meanwhile, Western Alliance Bancorp (NYSE:WAL) alleged on Thursday that a borrower had committed fraud.
