U.S. stock-index futures sank Sunday night, as Asian markets fell following widespread public demonstrations in China and as oil prices hit a 2022 low.
Dow Jones Industrial Average futures
fell more than 150 points, or 0.5%, as of 10 p.m. Eastern, while S&P 500 futures
and Nasdaq-100 futures
dropped even more sharply.
Wall Street finished mixed on Friday with the Dow notching its highest close since April 21. The S&P 500
finished down 1.1 points, or less than 0.1%, at 4,026.12; the Dow Jones Industrial Average
closed 152.97 points, or 0.5%, higher at 34,347.03; and the Nasdaq Composite
shed 58.96 points, or 0.5%, to 11,226.36.
Stocks in Asia declined Monday, led by a 2% fall by Hong Kong’s Hang Seng Index
The Shanghai Composite
slid as well, as thousands of protesters in major Chinese cities, including Shanghai, called for President Xi Jinping to resign. The unprecedented protests were spurred by frustration with China’s strict lockdowns as part of its “zero-COVID” policy.
“Sentiment has turned sour as unrest across China grows,” Stephen Innes, managing partner at SPI Asset Management, said in a note Sunday night. “The risk of the situation escalating from here and short-term volatility remains high.”
Oil prices fell sharply Sunday as well, as investors worried about slipping demand in China. West Texas Intermediate crude futures
were last down more than 2%, at $74.27 a barrel, its lowest price year to date. Prices for Brent crude
the international standard, sank as well.