U.S. stock futures sink after worst week since October
U.S. stock futures fell late Sunday, following Wall Street’s worst week since October.
After initially dropping more than 300 points, Dow Jones Industrial Average futures
were last down around 100 points, or 0.3%, while S&P 500 futures
and Nasdaq-100 futures
both fell more than 0.5%.
Stocks tumbled Friday, with the three major indexes posting their worst week, and overall month, since October, as volatile trading in a number of heavily shorted companies such as GameStop
and AMC Entertainment
sparked worries of a bubble.
Read: What January’s market decline means for stock returns in 2021
“The Frenzy will soon come to an end,” Stephen Innes, chief global markets strategist at Axi wrote in a note Sunday. “But I don’t think we have spawned a new generating of super traders; ’cause we all know this is eventually going to end in tears for the greedy.”
“I caution here that it is imperative to stay nimble as risk markets could spin like a top this week,” he added.
Last week, the Dow
closed 3.2% lower, the S&P 500
fell 3.3% and the Nasdaq Composite
was off 3.5%. On a monthly basis, the Dow lost 2%, the S&P 500 shed 1.1% and the Nasdaq Composite gained 1.7%.
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Dow Jones – U.S. stock futures sink after worst week since October