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US stock futures fell solidly Monday as investors processed growing concerns about the health of the US economy and readied for a busy week of economic data, headlined by a report on inflation amid concerns over its resurgence under President Trump’s unpredictable trade policy.
Dow Jones Industrial Average futures (YM=F) fell 1.1%, while futures attached to the benchmark S&P 500 (ES=F) dropped 1.4% after the index posted its worst week since September. Futures tied to the Nasdaq (NQ=F) also plummeted 1.6%.
All three major indexes looked set to build on losses of more than 2% last week.
CBOT – Delayed Quote USD
As of 9:12:41 AM EDT. Market Open.
YM=F ES=F NQ=F
March’s market struggles continue to be fueled by worries over the health of the US economy. Those concerns have become wrapped up in Trump’s ongoing trade salvo, as tariff negotiations between the US, Mexico, and Canada dominate the headlines. In a Sunday interview on Fox News, Trump addressed concerns about a potential recession, describing the economy as undergoing “a period of transition.”
Meanwhile, Mark Carney is set to become Canada’s new prime minister after his election as the Liberal Party’s leader. Carney’s initial signal is that he intends to take a hard line on tariff negotiations.
The political uncertainty is expected to persist into this week, with key economic data adding to the mix of potential market-moving factors. Updates on the inflationary picture will be in focus, with the February Consumer Price Index scheduled for release on Wednesday and the Producer Price Index set to follow on Thursday.
The Fed’s survey of consumer inflation expectations is set for release on Monday, followed by the University of Michigan’s consumer sentiment report on Friday.
Read more: The latest on Trump’s tariff plans
Earnings continue to come, although this week does see a quieter set of corporate releases. Database giant Oracle (ORCL) reports on Monday while software maker Adobe (ADBE) is set to report on Wednesday.
LIVE 7 updates
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Stock futures down across the board as recession fears brew
US stock futures accelerated losses 30 minutes before the opening bell as economic concerns mounted ahead of Wednesday’s inflation report.
Dow Jones Industrial Average futures (YM=F) fell 1.1%, while futures attached to the benchmark S&P 500 (ES=F) dropped 1.4%. Futures tied to the Nasdaq (NQ=F) plummeted 1.6%.
Stocks continued a rough start to March after the Nasdaq Composite entered correction territory last week while the S&P 500 logged its worst week since September.
CBOT – Delayed Quote USD
As of 9:12:41 AM EDT. Market Open.
YM=F ES=F NQ=F
Crypto also saw losses in premarket trading, as President Trump’s crypto reserve announcement last week did little to ease sentiment. Bitcoin dropped nearly 2% to trade around the $83,000 level.
Shares of Tesla (TSLA) also dropped 3.8% and Nvidia (NVDA) lost 2.7%, weighing on markets. Reddit (RDDT) stock extended heavy losses, down about 4.7%.
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Ford to inject up to $4.8 billion into cash-strapped German business
Ford stock (F) fell over 1% in premarket trading after the automaker announced a 4.4 billion euro ($4.76 billion) investment into its struggling German business.
Reuters reports:
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Treasurys gain as Trump transition talk fuels recession angst
From Bloomberg:
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Morgan Stanley: S&P 500 at risk of 5% drop due to growth concerns
US stocks could fall an additional 5%, driven by concerns over tariffs impacting corporate earnings and reduced fiscal spending, warns Morgan Stanley’s Michael Wilson.
SNP – Delayed Quote USD
At close: March 7 at 4:43:27 PM EST
Bloomberg news reports:
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Good morning. Here’s what’s happening today.
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Gold stays strong after weekly gain
Gold (GC=F) remained strong following a week of gains as market jitters caused by global economic uncertainty led to haven demand.
Bloomberg reports:
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Oil prices drop as China data sours global outlook on risk
Oil prices dropped as disappointing economic data from China highlighted a bleak demand outlook, while broader markets reflected a reticence to take on risk.
Bloomberg reports:
