Dow Jones Today: Stock Futures Point To Sharply Lower Open Monday as Volatile Trading Continues; Tesla Continues Sliding
Stock futures tumbled Monday morning amid ongoing uncertainty about the impact of policies coming from the Trump White House and concerns about the outlook for the U.S. economy.
Futures tied to the Dow Jones Industrial Average were down 1% about 90 minutes before the opening bel, while those linked to the S&P 500 and tech-heavy Nasdaq tumbled 1.2% and 1.4%, respectively. The major indexes gained ground on Friday but posted steep losses for the week, with the S&P 500 recording its worst weekly performance in six months.
The S&P 500 and Nasdaq Composite, which each fell more than 3% last week, have returned to pre-election levels after losing ground for three consecutive weeks. Investor sentiment has been dented recently by worries about President Trump’s plans for widespread tariffs, which experts say will spark inflation, slow economic activity and harm companies that do business around the world.
The yield on 10-year Treasurys, which has fallen significantly in recent weeks as the concerns about the economy have grown, was at 4.24% this morning, down from 4.32% at Friday’s close. The yield, which affects borrowing costs on all sorts of loans, notably mortgages, fell as low as 4.11% last week, its lowest level since last October.
Shares of the world’s largest technology companies were down across the board ahead of the bell on Monday. EV maker Tesla (TSLA), which is riding a seven-week losing streak, was down more than 3%, chipmakers Nvidia (NVDA) and Broadcom (AVGO) were each down more than 2%, and Apple (AAPL), Microsoft (MSFT), Alphabet (GOOG), Amazon (AMZN) and Meta Platforms (META) each dropped more than 1%.
Analytics software provider Palantir (PLTR) and advertising platform AppLovin (APP), two of the stocks that have benefitted most from the AI investing boom of the past year, were down 4% and 8%, respectively, in premarket trading. Shares of Oracle (ORCL) were down 1.5% ahead of the cloud services giant’s quarterly earnings report, which is scheduled to be released after the closing bell.
Shares of Strategy (MSTR), formerly known as MicroStrategy and one of the world’s largest holders of bitcoin, was down 5% in premarket trading after the price of the digital currency tumbled over the weekend. Crypto exchange Coinbase Global (COIN) and online trading platform Robinhood Markets (HOOD) each dropped about 6%.
Bitcoin was at $82,900 in recent trading, down from a high of $91,000 on Friday. The cryptocurrency lost ground late last week amid investor disappointment about the details in Trump’s proposal to create a Bitcoin Strategic Reserve.
Gold futures were down 0.3% at $2,905 an ounce this morning, while West Texas Intermediate futures, the U.S. crude oil benchmark, was up 0.5% at $67.35 an ounce.