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Apr 21, 05:00 AM
U.S. Futures Slide: S&P 500 Down 1.13%, Nasdaq 1.27%, Dow 1.04% as Tariffs, Fed Criticism Weigh
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U.S. Futures Slide: S&P 500 Down 1.13%, Nasdaq 1.27%, Dow 1.04% as Tariffs, Fed Criticism Weigh

Authors
  • Reuters
  • CNBC
  • MarketWatch
13

U.S. stock futures declined on Sunday evening and into Monday, with S&P 500 futures down as much as 1.13%, Nasdaq-100 futures falling up to 1.27%, and Dow Jones Industrial Average futures dropping by as much as 1.04%, or 305 points. These declines follow a third weekly loss in four weeks for major Wall Street indices, with the Dow and Nasdaq each posting losses of over 2% in the prior shortened trading week. A major drag on the Dow came from UnitedHealth, which fell more than 22% after cutting its full-year forecast and reporting disappointing quarterly results. Nvidia shares lost nearly 3%, following a previous 7% drop after the company disclosed a $5.5 billion quarterly charge related to export controls on its H20 graphics processing units. Netflix shares saw post-market gains, while Tesla is reportedly delaying production of its Model Y vehicle. Investor sentiment has been further weakened by concerns over President Donald Trump's trade policies, including tariffs of at least 145% on Chinese products and retaliatory tariffs of 125% on U.S. exports. Trump's public criticism of the Federal Reserve and its Chair Jerome Powell, including threats to remove Powell, has also contributed to market uncertainty. Chicago Fed President Austan Goolsbee warned that tariffs could cause U.S. economic activity to 'fall off' by the summer. The dollar has sharply declined, while gold prices have reached record highs. Asian equities mirrored the declines seen in U.S. markets. More than 100 S&P 500 companies, including Alphabet and Tesla, are scheduled to report earnings in the coming days.

Written with ChatGPT (GPT-4).

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