U.S. stock futures fell on Monday after a halt in the summer rally last week, as fears of aggressive 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 experienced steep declines, fueled in part by concerns about rising inflation and higher interest rates around the world.
On Friday, the S&P 500 closed down 1[ads1].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 ahead of key events/releases … and how that can set the stage for greater volatility around the events themselves, and we may see some of that play out next week as investors await the symposium,” said a Friday note from Susquehanna’s Christopher Jacobson.
On the earnings front, traders expect Palo Alto Networks and Zoom Video to report results Monday after the clock.