U.S. stock futures tumbled Monday as part of a global market sell-off centered around U.S. recession fears. Japan’s Nikkei 225 plunged 12% in its worst day since the 1987 Black Monday crash for Wall Street.
Here’s where U.S. stock market futures stand at the moment:
- S&P 500 futures are down 3.3% after the benchmark lost 1.8% on Friday.
- Nasdaq-100 futures lost 4.8% as big tech stocks got hit hard in early trading.
- Dow Jones Industrial Average futures dropped 912 points, or 2.3%, following a 611-point loss on Friday.
Fears of a U.S. recession were the main culprit for the global market meltdown after Friday’s disappointing July jobs report.
Investors are also concerned that the Federal Reserve is behind in cutting interest rates to bolster an economic slowdown, with the central bank choosing instead to keep rates at the highest in two decades last week.
There’s also an unwinding of the once-hot artificial intelligence trade going on. Tech shares were among the worst performers in early trading Monday:
- Nvidia tumbled 9% Monday after going into the session already down more than 23% from its recent high.
- Apple cratered more than 8% after Warren Buffett’s Berkshire Hathaway cut its stake in the iPhone-maker in half.
- Other losers included Tesla, down 7%, and Broadcom and Super Micro Computer down more than 9% apiece.
In Asia overnight, Japan stocks confirmed a bear market as Asia-Pacific investors had their first chance to react to the sour jobs figures in the U.S. from Friday.
The 12.4% loss on the Nikkei — which closed at 31,458.42 — was the worst day for the index since the “Black Monday” of 1987 hit Wall Street. The loss of 4,451.28 points on the index was also the largest in terms of points in its entire history. The Dow lost more than 22% in a single day on Black Monday.
