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U.S. stocks poised for another sharp drop
Got some rest over the weekend? Good. There's a bumpy ride ahead.
U.S. stock futures are sharply down on Monday morning as worries about China continue to fuel a global sell off.
Nasdaq futures are down 3.5%, with Dow and S&P futures both around 2% lower.
1) China
1) China
No intervention, more losses: The Shanghai Composite closed 8.5% down, wiping out all gains made so far this this year. It has now fallen nearly 38% since its June peak. China's smaller Shenzhen Composite lost 7.7%.
Traders were hoping Chinese authorities would step in over the weekend to support the markets. "Unfortunately, there was nothing but disappointment and trader's angst turned into anger this morning and they decided to liquidate their positions," said Naeem Aslam, chief market analyst at Ava Capital Markets.
2) Stock market movers
2) Stock market movers
Apple, Netflix suffer: Many U.S. stocks look poised to start the week deep in the red.
Apple (APLE) is down over 4% in premarket trading, while Netflix (NFLX, Tech30) is down more than 5%. Facebook (FB, Tech30) is trading about 4% lower.
Bank of America (BAC) has also suffered losses, trading 3.5% down in premarkets, and other financial stocks are under pressure.
3) Oil hits new 6-year low
3) Oil hits new 6-year low
Oil plunged 3.5% on Monday to trade at $39.04 per barrel. Prices had fallen below $40 per barrel for the first time since 2009 on Friday.
Natural gas and gold are also down. Cheap oil and other commodities are weighing heavily on many emerging markets, with Russia, Brazil, and Venezuela among the biggest losers.
4) International markets plunge
4) International markets plunge
All major European markets opened down on Monday. London's FTSE 100 plunged 2.7% after entering correction territory last week. The "Footsie" is weighted towards resource companies and has been hit by the slowdown in demand from China.
Germany's DAX also fell 2.7%. China is a crucial market for its automakers.
And it was all misery for other Asian markets again, with all major regional indexes closing in the red. Tokyo's Nikkei ended the session 4.6% down.
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