U.S. stock-index futures sank Sunday night, indicating possible losses on Wall Street on Monday, as Asian markets fell following widespread public demonstrations in China and as oil prices hit a 2022 low.
Dow Jones Industrial Average futures YM00,
Wall Street finished mixed on Friday with the Dow notching its highest close since April 21. The S&P 500 SPX,
Stocks in Asia declined Monday, led by a 2% fall by Hong Kong’s Hang Seng Index HSI,
“Unsurprisingly, there is more significant uncertainty in China’s reopening trajectory, which is getting priced into markets on reports of protests over the weekend,” Stephen Innes, managing partner at SPI Asset Management, said in a note Sunday night.
“We knew we would be hit with China COVID jitters this morning, but the protests have caught the market by surprise,” he added. “Still, this morning’s price action could reverse quickly if it becomes clear that reports of protests will not lead to tighter COVID restrictions.”
Oil prices fell sharply Sunday as well, as investors worried about slipping demand in China. West Texas Intermediate crude futures CL.1,