US stock futures fell on Monday after the summer recovery stalled last week, as fears of aggressive interest rate hikes returned to Wall Street.
Dow Jones Industrial Average futures fell 321 points, or 0.95%. S&P 500 and Nasdaq 100 futures fell 1.22% and 1.57%, respectively.
The moves come as European markets saw sharp declines, driven in part by concerns about rising inflation and higher interest rates around the world.
On Friday, the S&P 500 closed up 1.29%. The Dow Jones Industrial Average fell 292 points, or 0.86%, and the Nasdaq Composite fell 2.01%. The major averages also posted weekly losses.
The moves come ahead of what could be a volatile week of trading on Wall Street. Investors await Fed Chairman Jerome Powell’s latest comments on inflation at the central bank’s annual Jackson Hole Economic Symposium.
“We’ve written a couple of times recently about wait-and-see trading before key events or releases … and how that can set the stage for more volatility around the events themselves, and we may see some of that below. week as investors wait for the symposium,” read a Friday note from Susquehanna’s Christopher Jacobson.
On the earnings side, traders expect Palo Alto Networks and Zoom Video to report results after the bell on Monday.