Wall Street Sees Red

Business

Skyrocketing energy prices in the U.S., driven by the highest inflation in the last 40 years, is a matter of concern for investors.

Bitcoin plunged to an 18-month low on Monday, leading to a sell-off.

Producer prices, Retail sales, and Industrial production might be of importance this week. The Federal Reserve’s interest rate decision is also there in the major list of economic announcements.

Early signs from the U.S. Futures Index suggest that Wall Street might open lower.
Asian shares finished in the red, and European shares are also trading lower.

As of 7.40 am ET, the Dow futures were declining 590.00 points, the S&P 500 futures were declining 93.00 points and the Nasdaq 100 futures were sliding 351.25 points.

The U.S. major averages finished the day just off their lows of the session. The Dow slumped 880.00 points or 2.7 percent to 31,392.79, the Nasdaq dove 414.20 points or 3.5 percent to 11,340.02 and the S&P 500 tumbled 116.96 points or 2.9 percent to 3,900.86.

On the economic front, the Six-month and Three-month Treasury Bill Auctions will be held at 11.30 am ET.

Asian stocks plunged into negative territory at the close on Monday. China’s Shanghai Composite index dropped 0.89 percent to 3,255.55.

Hong Kong’s Hang Seng index tumbled 3.39 percent to close at 21,067.58.
Australian markets were closed for a holiday.

Japanese and New Zealand shares fell the most in more than four months. The Nikkei average of Japan closed 3.01 percent lower at 26,987.44. The broader Topix index fell 2.16 percent to 1,901.06.

New Zealand’s NZX-50 index ended 1.90 percent lower at 10,924.74.

European shares are trading lower. CAC 40 of France is down 124.10 points or 2.01 percent. DAX of Germany is declining 257.77 points or 1.88 percent. FTSE 100 of England is sliding 118.66 points or 1.62 percent. Swiss Market Index is losing 170.74 points or 1.53 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 2.13 percent.

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