Stock futures angled toward and early slide Monday, tracking overseas action, as coronavirus concerns, China trade news and an OPEC+ oil production decision
hammered global markets. Qualcomm and Moderna were among the premarket's few advancers. The Dow Jones today dropped more than 480 points early, as nearly 20% of the index fell more than 2%.
Dow Jones futures tumbled 1.3%, suggesting the benchmark would open back below its 21-day and 50-day moving averages. S&P 500 futures backed off 1.1%. Nasdaq 100 futures were off 0.9%. Early declines suggested both the Nasdaq and S&P 500 would hold well above their 50-day support.
Small caps were under particular pressure, with Russell 2000 futures down 2.1% and steering toward a fifth straight decline.
Among IBD 50 stocks, vaccine maker Moderna
) was a lonely early riser Monday, up 0.4%. The biotech has gained in six of the past seven sessions, notching a 23% advance last week. CrowdStrike
) fell hardest among IBD Leaderboard names, down 3.2% early.SPX Flow
) rallied 24% after Ingersoll Rand
) agreed to buy the beverage industry equipment maker for $3.6 billion.
Stocks dived in Hong Kong as U.S. Treasury Secretary Janet Yellen criticized the effectiveness of Trump Administration tariffs against China. Tech stock investors worried over rising regulation in Hong Kong, as well as oversight limiting registration of Chinese stocks on U.S. markets. The Hong Kong Hang Seng Index shed 1.8%. In Japan, Tokyo's Nikkei 225 closed 1.25% lower.
Stocks in Europe veered even more sharply lower, responding to the spread of the Covid-19 delta variant, as well as impact from a historical spell of flooding in Germany. Near Midday, Frankfurt's DAX and the CAC-40 in Paris were down more than 2%. London's FTSE 100 showed a 1.9% loss.