U.S. stocks are set to open sharply lower Monday, adding to steep declines in Asia and Europe and deepening a sell-off tied to worries about a recession in the U.S. economy. Japan’s main index plunged more than 12%, its worst day since 1987.
S&P 500 futures are down 3.1% and Nasdaq futures are sinking 4.7%. Investors are fleeing the Big Tech names that until recently had powered the U.S. market higher: Apple fell more than 7% and Meta was down 6% in premarket trading. Chipmaker Nvidia tumbled 12.5%.A report Friday showing hiring by U.S. employers slowed last month by much more than expected followed weak reports on manufacturing and construction and stoked fears the U.S.
Monday’s plunge in the Nikkei followed a nearly 6% drop on Friday. In mid-July, the index had risen to all-time highs. Its worst single-day rout was a plunge of 3,836 points, or 14.9%, on Oct. 19, 1987, a global markets crash that was dubbed “Black Monday” but proved to be only a temporary setback despite fears it might have augured a worldwide downturn.
The Japanese yen also has fallen sharply, trading at 142.37 yen for one U.S. dollar, down from 146.45 late Friday and sharply below its level of over 160 yen a few weeks ago. Taiwan's Taiex also crumbled, losing 8.4% as Taiwan Semiconductor Manufacturing Co., the world's biggest chip maker, dropped 9.8%.
Oil prices slipped, with U.S. benchmark crude oil giving up $1.41 to $72.11 per barrel. Brent crude, the international standard, lost $1.35 cents to $75.46 per barrel.
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