U.S. stock index futures little changed as S&P 500, Dow posts 5-day losing streak since February. Stock futures muted after the S&P 500 reports its longest straight days of losses.
S&P 500 futures and Nasdaq 100 futures both tumbled.
On Monday, investor sentiment digested the heavy losses seen in Asia trading, where Hong Kong’s Hang Seng index declined more than 2%.
All three major averages ended lower on Friday with Nasdaq Composite posts drop, reporting its third consecutive negative session. The Dow and S&P both posted a fifth straight day of losses.
The Dow and S&P tumbled 2.15% and 1.69%, respectively for the week, posting their worst weekly performance since June. The tech-heavy Nasdaq dipped 1.61%, reporting its worst week since July.
According to Friday’s data, producer prices climbed 0.7% in August and 8.3% year over year, showing the biggest annual increase since November 2010.
Economists surveyed by FactSet are anticipating the consumer prices jumped 5.3% at an annual pace in August. Retail sales data is set to release later in the week.
The Dow finished 2.87% from its all-time high, while the S&P is 1.92% down its high-water mark. The Nasdaq Composite declined 1.87% from its record.
“The outlook for post-pandemic economic growth has cooled in time for autumn,” Goldman Sachs said Friday to clients. “Within the market, pricing for months has reflected the weakening economic environment,” the firm said. Last week Goldman cut its GDP growth projection for the fourth quarter, citing the delta variant’s impact on consumer spending.