U.S. stock futures fell sharply early Monday, capping off a tumultuous week for Wall Street.
The Dow Jones Industrial Average futures tumbled over 600 points, or 1.5%, while S&P 500 and Nasdaq-100 futures slid 2.8% and 4.9%, respectively.
Last week was brutal for the major indices. The Nasdaq Composite, down over 10% from its recent record, entered correction territory.
The S&P 500 also recorded its third consecutive losing week, down 2%, and the Dow ended a four-week win streak, dropping 2%.
Asia wasn’t spared either. Japan’s Nikkei plunged 12.4% on Monday, marking its worst day since the infamous “Black Monday” of 1987, closing at 31,458.42—a record 4,451.28-point drop.
Adding to the gloom, U.S. Treasury yields dipped. The 10-year note yielded 3.79% on Friday, down from 4.20% the previous week.
This decline followed a disappointing jobs report that sparked fears of a potential recession, given the Federal Reserve’s decision to keep interest rates unchanged.
Investors are now on edge, watching if the downward trend continues. The S&P 500 sits 5.7% below its all-time high, while the Dow is down 3.9%.
“We’re in a corrective period, but the bull market trend is still intact,” said Keith Lerner, co-chief investment officer at Truist Wealth, on CNBC’s “Closing Bell.” “We just need to navigate this choppier period.”
Apple will be under the microscope when markets open Monday, following news that Warren Buffett’s Berkshire Hathaway sold nearly half its stake in the tech giant.
Economic data on deck includes the July ISM Services PMI, expected to rise to 50.9 from 48.8, offering clues on the health of the U.S. services sector.
Investors will also listen closely to San Francisco Fed President Mary Daly’s remarks at the Hawaii Executive Collaborative for insights on future business interest rate moves.
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