The United States (US) stock futures market fell sharply on Monday, due to an extension of the sell-off from last week triggered by rising concerns about a US economic recession following the publication of the NFP jobs report.
Last week, the Dow fell 2.1%, snapping a four-week winning streak. The S&P 500 and Nasdaq Composite also fell 2.06% and 3.35%, respectively, with both indexes declining for the third week in a row.
The Nasdaq Composite is now down more than 10% from its record high set last month, entering correction territory.
On Friday, the NFP report showed that the US economy added far fewer jobs than expected for July, fueling concerns that the Federal Reserve (Fed) may be too late in cutting interest rates as the economy appears headed for recession.
This situation also raises expectations that more aggressive monetary policy easing will be implemented by the Fed at the September meeting.
Investors are now looking ahead to US services PMI survey data and San Francisco Fed President Mary Daly's speech on Monday for further guidance in the market.
For focus stocks, the market will be closely monitoring Apple shares after Warren Buffett sold half of Berkshire Hathaway's stake in the iPhone maker.
