The S&P 500 was about to open in bear territory, while global equities fell and bond yields jumped as fears of inflation plagued investors around the world.
Futures for the S&P 500 fell 2.2% on Monday. A decline of more than 1.3% at the close of trading on Monday would push the index into the territory of the bear market, defined as a loss of 20% from a recent peak. Contracts for the technology-focused Nasdaq-100, which entered bear market territory in March, fell 2.8%. Futures for the Dow Jones Industrial Average fell 2%.