Futures linked to the Dow Jones are down over 300 points this morning Indian time, while those of the S&P 500 and the Nasdaq are down 40 points and 150 points respectively.
Sharp Sell-Off On Friday
The Dow Jones fell nearly 800 points on Friday to enter correction territory, while the S&P 500 and Nasdaq ended with losses of 1.7% and 2.2% respectively. The Nasdaq is already in correction territory, which means a 10% drop from record high levels.
Short But Important Week Ahead
The upcoming week will be a short one due to the Good Friday holiday on April 3, but will still be important due to the slew of macro data that is slated to be reported. In addition to this, the markets will also be tracking a speech from Fed Chair Jerome Powell late Monday evening.
Despite the Friday holiday, the Bureau of Labour Statistics will go ahead and release the non-farm payrolls report for the month of March as per schedule. There will also be data for US job openings and consumer confidence on Tuesday, retail sales, ADP jobs report, manufacturing PMI on Wednesday, and initial jobless claims and trade deficit on Thursday.
Beyond Equities
The US Dollar index is back above the mark of 100, while Brent crude gained as much as 3% in early trading to rise back to $116.5 a barrel for the May contracts. WTI or US crude for May is back above $100, while the June futures are trading above $96 a barrel.
