Author: Fred Imbert
Stock futures tumbled on Monday night, adding to Wall Street’s losses from its worst day of 2019 amid intensifying trade-war fears.
Dow Jones Industrial Average futures traded 508 points lower, implying a loss of 630.74 points at Tuesday’s open. S&P 500 and Nasdaq 100 futures also indicated sharp losses. If these losses remain, the Dow’s two-day decline would amount to more than 1,300 points.
The Dow and S&P 500 plunged 2.9% and nearly 3%, respectively, on Monday while the Nasdaq Composite lost 3.5%.
“We are seeing another gut check after stocks had the best start to a year since 1997 (through July),” said Keith Lerner, chief market strategist at SunTrust Private Wealth, in a note. “We already thought the environment would become more challenging over the short term heading into the seasonally weaker period of August through October. The latest trade escalation has served to exacerbate this typical weakness.”
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