Last week, the S&P 500 logged in its worst week since September.
Selling pressure is likely to continue on Wall Street as futures tied to US benchmarks–the Nasdaq Composite, S&P 500 and Dow Jones Industrial Average traded with sharp cuts on March 10. Caution persisted as investors braced for a wave of economic data releases, pushing Dow Jones, S&P 500 and Nasdaq 100 futures around 1 percent each.
This comes after the S&P 500 dropped 3.1 percent last week, logging in its worst weekly performance since September, while the Dow fell 2.4 percent and the Nasdaq Composite lost 3.5 percent.
Wall Street has continued to see selling pressure amid uncertainty hanging around due to Trump’s tariff and negotiations. Political turbulence may persist this week as well, compounded by a wave of economic data that could impact markets.
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The New York Fed’s consumer expectations survey is set for later today, while the University of Michigan’s consumer sentiment reading arrives on Friday. Inflation data will also take center stage, with the February consumer price index due Wednesday and the producer price index following on Thursday. The release of these economic datapoints have added to caution among investors.
US indices had also witnessed a volatile session on Friday, amid concerns over US tariff measures and their likely adverse economic impact. Investor sentiment worsened after February’s nonfarm payrolls missed expectations, with only 151,000 jobs added versus the projected 170,000. Meanwhile, the unemployment rate edged up to 4.1 percent, sparking fears of a labor market slowdown.
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