U.S. stock-market futures fell after a volatile week on Wall Street that saw the Nasdaq fall into correction territory.
Dow Jones Industrial Average futures slid 325 points, or 0.82%, as S&P 500 futures fell 1.24% and Nasdaq-100 futures tumbled 1.88%.
Crude oil futures fell 0.4% amid heightened concerns over escalating hostilities in the Middle East, while cryptocurrencies fell, led by bitcoin (BTCUSD), which slipped below the $59,000 level after topping $65,000 on Friday.
Stocks dropped Friday after a softer-than-expected jobs report raised worries about economic growth, which followed Fed signals Wednesday that it could cut interest rates at its September meeting. But investors fear the cuts may come too late, as the risk of recession rises.
All three major indexes booked steep losses last week, with the S&P 500 SPX falling 2.1% for its worst week since April, according to FactSet data. The Dow DJIA fell 2.1% for the week, while the Nasdaq COMP saw a weekly drop of 3.4%. The Nasdaq closed Friday down 10% from its record close of 18,647.45 on July 10, according to Dow Jones Market Data, landing it in correction territory, defined as a drop of at least 10% from a recent high.
Investors may be bracing for tech stocks to fall further Monday, after Warren Buffett's Berkshire Hathaway $(BRK.A)$ $(BRK.B)$disclosed Saturday it had reduced its stake in Apple Inc. $(AAPL)$ by nearly 50% last quarter.
Tech stocks have been on the ropes following some lackluster earnings, including those by chip maker Intel Corp. $(INTC)$, whose stock plunged 26% on Friday after its disappointing earnings report.