US stock futures took a dive last night after sell-offs that wiped away over $5.4 trillion in market value. Stocks were set to open sharply lower today, putting the S&P 500 on the precipice of a bear market — a decline of 20% from its peak and an ominous sign for investors and the economy. Via CNN:
Dow futures were down 1,250 points, or 3.3%. S&P 500 futures fell 3.7%, while Nasdaq futures tumbled 4.6%. Asian markets tanked: Japan’s Nikkei fell 8% at the open.
The price of US oil fell more than 3%, sinking below $60 a barrel for the first time since April 2021. Oil prices have been in a freefall as investors fear tariffs could plunge the global economy into a recession that would sap demand for flights, shipments, transportation and travel — all activities that require fuel.
Bitcoin joined the declines, too — falling 5.6% to $78,736.93. Bitcoin had surged above $100,000 shortly after Trump was elected in the hopes that he’d help boost support for cryptocurrencies
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