U.S. stock-index futures sank Sunday night, indicating possible losses on Wall Street on Monday, as Asian markets fell following widespread public demonstrations in China and as oil prices hit a 2022 low.
Dow Jones Industrial Average futures
were down more than 150 points, or 0.5%, as of 11:30 p.m. Eastern, above their session lows, while S&P 500 futures
and Nasdaq-100 futures
dropped closer to 1%.
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 Beijing and 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.
“Unsurprisingly, there is more significant uncertainty in China’s reopening trajectory, which is getting priced into markets on reports of protests over the weekend,” Stephen Innes, managing partner at SPI Asset Management, said in a note Sunday night.
“We knew we would be hit with China COVID jitters this morning, but the protests have caught the market by surprise,” he added. “Still, this morning’s price action could reverse quickly if it becomes clear that reports of protests will not lead to tighter COVID restrictions.”
Oil prices fell sharply Sunday as well, as investors worried about slipping demand in China. West Texas Intermediate crude futures
were last down nearly 3%, at $74.17 a barrel, its lowest price year to date. Prices for Brent crude
the international standard, sank as well.