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US stock futures slid Sunday night as Wall Street headed into an Easter-shortened trading week, with investors bracing for fresh economic data amid lingering consumer uncertainty.
Contracts linked to the Dow Jones Industrial Average (YM=F) and S&P 500 (ES=F) fell around 0.6%, while Nasdaq 100 futures (NQ=F) slid 0.7%.
Stocks closed out Friday on a sour note, with all three major indexes posting steep losses. The Dow (^DJI) plunged nearly 800 points, while the S&P 500 (^GSPC) sank to its lowest level in months, marking a fifth consecutive weekly decline.
The latest downturn has pushed the Dow into correction territory, joining the Nasdaq, as market sentiment deteriorates. Ongoing instability from the US-Israeli war with Iran, now entering its second month, have dampened hopes for a swift resolution. Investors are watching for Trump to potentially return to the TACO playbook, characterized by issuing conflicting statements and only being driven by what moves the market.
“Magnificent Seven” companies, previously AI-focused stock darlings, wiped out $850 billion from the stock market over the past week, led downward by Meta (META) and Google (GOOG) losing a landmark lawsuit over the companies responsibilities in curbing social media addiction.
Attention this week is dialed in to results from a number of labor market indicators, including the Job Openings and Labor Turnover Survey (JOLTS) and the ADP private payrolls report. The March jobs report is also due, even as markets will be closed Friday for the Good Friday holiday, with this report taking on heightened significance as investors seek balance after the January-February whipsaw in job numbers.
On the corporate front, earnings from Nike (NKE) may provide insight into consumer trends while USA Rare Earth (USAR) and Trilogy Metals (TMQ) will offer a health check on the minerals industry.
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Oil rises as war spreads beyond Iran
Bloomberg reports:
