Wall Street is poised for a weaker start on Monday.
U.S. stock futures fell sharply on Monday, with those for the Dow Jones Industrial Average tumbling 300 points, as Hong Kong-listed property companies came under fresh pressure.How are stock futures trading? On Friday, the Dow Jones Industrial Average DJIA, -0.48% fell 166 points, or 0.48%, to 34585, the S&P 500 SPX, -0.91% declined 41 points, or 0.91%, to 4433, and the Nasdaq Composite COMP, -0.91% dropped 138 points, or 0.91%, to 15044.
What’s driving the market? China’s property market suffered heavy losses Monday, with shares of China Evergrande 3333, -12.20% falling 13% in Hong Kong. “The dip is due to a variety of causes, including fading earnings estimates, uncertainty related to shifting monetary policy, and instability in the world’s second largest economy as a result of escalating crackdowns,” said Naeem Aslam, chief market analyst at AvaTrade, in a note to clients.
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