Stocks are likely to come under pressure in early trading on Monday, extending the significant pullback seen over the past few sessions. The major index futures are currently pointing to a sharply lower open for the markets, with the S&P 500 futures down by 1.0 percent.
The downward momentum on Wall Street comes amid ongoing concerns about the impact of President Donald Trump’s reciprocal tariffs on U.S. trade partners, which are due to be imposed on Wednesday, April 2nd.
Trump told reporters aboard Air Force One on Sunday that the reciprocal tariffs would target all countries and not just a smaller group with the biggest trade imbalances.
“You’d start with all countries,” Trump said. “Essentially all of the countries that we’re talking about.”
Traders worry Trump’s tariffs and possible retaliatory actions by targeted countries will fuel inflation, keep interest rates elevated and drag down global economic growth.
Not long after the start of trading, MNI Indicators is scheduled to release its report on Chicago-area business activity in the month of March.
The Chicago business barometer is expected to dip to 44.1 in March from 45.5 in February, with a reading below 50 indicating contraction.
Extending the pullback seen during Wednesday and Thursday’s sessions, stocks moved sharply lower during trading on Friday. The major averages came under pressure early in the session and saw further downside as the day progressed.
The tech-heavy Nasdaq posted a particularly steep loss, plunging 481.04 points or 2.7 percent to a six-month closing low of 17,322.99. The S&P 500 also tumbled 112.37 points or 2.0 percent to 5,580.94, while the Dow slumped 715.80 points or 1.7 percent to 41,583.90.
The pullback more than offset a strong start to the week. The Nasdaq plummeted by 2.6 percent for the week, while the S&P 500 lost 1.5 percent and the Dow shed 1.0 percent.
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Monday. Japan’s Nikkei 225 Index plunged by 4.1 percent, while Hong Kong’s Hang Seng Index slumped by 1.3 percent.
The major European markets have also shown significant moves to the downside. While the German DAX Index is down by 2.1 percent, the French CAC 40 Index is down by 2.0 percent and the U.K.’s FTSE 100 Index is down by 1.4 percent.
In commodities trading, crude oil futures are inching up $0.07 to $69.43 a barrel after falling $0.56 to $69.36 a barrel last Friday. Meanwhile, after jumping $23.40 to $3,114.30 an ounce in the previous session, gold futures are surging $42.20 to $3,156.50 an ounce.
On the currency front, the U.S. dollar is trading at 149.51 yen versus the 149.84 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.0810 compared to last Friday’s $1.0828.
Business News
Futures Pointing To Sharply Lower Open On Wall Street
2025-03-31 12:42:28
