Stock market news today: Nasdaq futures sink 4%, Dow futures cascade down as global sell-off intensifies
Wall Street’s stock sell-off was set to intensify in a major way Monday as concerns mounted over the health of the US economy.
dow jones
Dow Jones Industrial Average futures (YM=F) lost 800 points before the bell. Nasdaq 100 futures (NQ=F) were crushed by nearly 5% after the tech-heavy index entered into a correction with Friday’s sharp losses. S&P 500 futures (ES=F) cascaded almost 3%.
Wall Street’s “fear gauge” — the CBOE Volatility Index (^VIX) — soared, reaching its highest level since the early days of the COVID-19 pandemic. Treasury yields plummeted, with the benchmark 10-year Treasury yield (^TNX) sinking below 3.8%.
The U.S stock market has recovered from every recession, depression and crash.
— Genevieve Roch-Decter, CFA (@GRDecter) August 5, 2024
And went on to make new highs every single time.
History is on our side.
Here’s where U.S. stock market futures stand at the moment:
Dow Jones Industrial Average futures
dropped 1,285 points, or 3.2%, following a 611-point loss on Friday.
S&P 500 futures
are down 4.4% after the benchmark lost 1.8% on Friday.
Nasdaq-100 futures
lost 5.7% as big tech stocks got hit hard in early trading.
If the Dow was to follow through on that decline, it would be the first 1,000 point decline since September 2022.
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.