Dow futures tumble as the massive market sell-off continues
CNN
The tariff-induced market mayhem isn’t over just yet.
The tariff-induced market mayhem isn’t over just yet. US stock futures plunged Sunday evening after two sessions of sell-offs that wiped away over $5.4 trillion in market value. Stocks were set to open sharply lower Monday, putting the S&P 500 on the precipice of a bear market — a decline of 20% from its peak and an ominous sign for investors and perhaps the broader economy. Dow futures were down 1,250 points, or 3.3%. S&P 500 futures fell 3.7%, while Nasdaq futures tumbled 4.6%. Asian markets tanked: Japan’s Nikkei fell 8% at the open. The price of US oil fell more than 3%, sinking below $60 a barrel for the first time since April 2021. Oil prices have been in a freefall as investors fear tariffs could plunge the global economy into a recession that would sap demand for flights, shipments, transportation and travel — all activities that require fuel. Bitcoin joined the declines, too — falling 5.6% to $78,736.93. Bitcoin had surged above $100,000 shortly after Trump was elected in the hopes that he’d help boost support for cryptocurrencies. The massive declines in futures follow the worst two-day stretch for stocks in five years – since the pandemic. The markets have rejected President Donald Trump’s massive tariff regime, some of which went into effect early Saturday morning and even larger tariffs are set to launch on Wednesday morning. China retaliated fiercely Friday, imposing a 34% tariff on all US goods, raising fears of an escalating and damaging trade war.
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