U.S. stock-index futures sank Sunday after Wall Street’s worst week since January.
Dow Jones Industrial Average futures
YM00,
-1.00%
fell more than 300 points, or 1%, late Sunday, while S&P 500 futures
ES00,
-1.36%
and Nasdaq-100 futures
NQ00,
-1.82%
posted even steeper declines.
Prices of bitcoin and other cryptocurrencies also slid over the weekend, with bitcoin
BTCUSD,
-7.36%
falling below the $27,000 level, about 60% off its all-time high reached last November. Crude prices
CL.1,
-1.50%
dipped Sunday as well.
Stocks finished sharply lower Friday. The Dow
DJIA,
-2.73%
dropped 880 points, or 2.7%, to close at 31,392.79; the S&P 500
SPX,
-2.91%
slid 116.96 points, or 2.9%, to finish at 3,900.86; and the Nasdaq Composite
COMP,
-3.52%
slumped 414.20 points, or 3.5%, to end at 11,340.02.
Read: Stocks sink again as hot inflation reading triggers market shock waves: What investors need to know
For the week, the Dow fell 4.6%, the S&P 500 dove 5.1% and the Nasdaq sank 5.6%. It was the biggest weekly loss since January for all three major benchmarks, according to Dow Jones Market Data.
Markets fell following renewed inflation worries, as a new report showed hotter-than-expected readings. The consumer-price index on Friday showed U.S. inflation increased 1% in May, well above the 0.7% monthly rise forecast by economists surveyed by the Wall Street Journal. The year-over-year rate rose 8.6%, topping the 40-year high of 8.5% seen in March.
Federal Reserve policy-makers are set to meet this week, and are expected to raise interest rates by 50 basis points, though some economists think that after Friday’s CPI report, there may be support for a more aggressive 75-basis-point hike.
Also see: ‘Doves don’t exist on the FOMC right now’: Economists expect hawkish Fed meeting this week
“U.S. CPI for May was a nightmare for risk markets,”…
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