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.
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.
Dow Jones Industrial Average futures dropped 1,183 points, or 3%, 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 5.9% as big tech stocks got hit hard in early trading.
