The selloff in cryptos is one of the key highlights over the weekend but let’s not forget about the fact that equities also suffered a rather abysmal Friday, with the S&P 500 plunging by nearly 3% and Nasdaq falling by 3.5% to wrap up the week.
The technical break below the consolidation range in the former was a bit of a tell and markets are still feeling jittery about inflation and economic worries at the moment. Throw in another selloff in bonds and suddenly, the deleveraging talk is coming back into the picture. That narrative isn’t helped by the rise in fragmentation risks in Europe.
Anyway, the equities picture today isn’t looking pretty going into the session ahead. Here’s how futures are faring:
- S&P 500 futures -1.2%
- Nasdaq futures -1.7%
- Dow futures -0.9%
- Eurostoxx futures -1.4%
- DAX futures -1.3%
- UK FTSE futures -0.5%
That could very well put the May lows in focus for US stocks as we get things started on the new week.