U.S. stock futures fell 30,000 points on the Dow Jones Industrial Average on Monday as Hong Kong-listed property companies came under renewed pressure.
Investors were also present ahead of this week’s Federal Open Market Committee meeting.
How is stock futures trading?
Dow Jones Industrial Average Futures YM00,
Fell nearly 400 points, or 1.1%, to 34,064
S&P 500 Futures ES00,
Down 40 points, or 0.9%, to 4,382
Nasdaq-100 Future NQ00,
It fell 107 points, or 0.7%, to 15,217
Friday, Dow Jones Industrial Average DJIA,
165 points or 0.48% lower 34585, S&P 500 SPX,
4433 and Nasdaq Composite Comp, down 41 points or 0.91%.
Fell 138 points or 0.91% to 15044.
According to Dow Jones market data, for the week, the Dow saw its third consecutive weekly fall, losing 0.1% and booked its longest weekly losing streak since the four weeks ending September 25, 2020. According to the factset, the S&P 500 fell 0.6% in the second straight week, while the Nasdaq Composite lost 0.5%, as well as booked two straight weekly declines.
What is driving the market?
China’s property market suffered massive losses on Monday with shares of China Evergrand 3333,
13% reduction in Hong Kong.
According to Reuters, the 8.25% Evergrand Bond, which has interest payments this week, traded at around 29 cents on Monday.
Markets in mainland China were closed for the holidays, but Hang Seng HSI,
Decreased by more than 3%.
Wall Street investors are ready to pick up where they left off last week – on a weak basis.
“Sinking earnings estimates, uncertainties related to monetary policy changes, and crackdowns have caused a variety of factors, including instability in the world’s second-largest economy,” said Naem M Aslam, chief market analyst at Avatrade. A note for clients.
Markets will be closely monitored for any discussions that could be reduced at the Fed’s two-day policy meeting starting September 21. More than a year ago, the central bank had a very simple policy to help deal with the epidemic of the economy. Inflation looks volatile to some given spikes.
The economy is giving mixed signals amid growing cases of coronavirus due to delta diversification. Friday’s loss for Wall Street came as a fall on consumer sentiment, the lowest in nearly 10 years.