U.S. stock futures showed deeper losses heading into the month’s start after all three major averages posted their biggest August percentage declines since 2015.
Futures tracking the S&P 500 fell 0.8%, while futures tracking the Dow Jones Industrial Average fell 190 points (0.6%). Contracts on the Nasdaq Composite fell 1.2% on him, with tech stocks continuing to lead the decline. Meanwhile, the benchmark 10-year US Treasury yield reached 3.2%, its highest level since June.
The start of September comes after four consecutive sell-offs amid renewed concerns about tightening monetary policy and a possible recession. In August, the benchmark S&P 500 dropped his 4.2%, the Dow dropped his 4.1%, and the Nasdaq posted a monthly loss of 4.6%.
“A soft landing is pretty unlikely,” Mike Schumacher, head of macro strategy at Wells Fargo, told Yahoo Finance Live. “A lot of things have to go incredibly well — we have to ease the energy situation, but it’s not going to be a miracle at this point. Must be winter.”
Nvidia (NVDA) shares plunged more than 5% in premarket trading on Thursday after U.S. officials ordered the company to stop selling to China two of its top computing chips used for artificial intelligence. Nvidia could lose an estimated $400 million in sales in China as a result of the restrictions.
In commodities, oil prices continue to fall as fears of demand disruption persist. West Texas Intermediate crude oil fell 1.8% to $87.97 a barrel in the early hours of Thursday while Brent futures he hovered around $96.53.
The move in crude oil futures comes after commodities recorded a third straight month of declines. This is his longest streak in over two years. WTI crude oil fell more than 9% in August, its biggest monthly decline since November.
Investors will be able to read the weekly unemployment claims before the bell rings Thursday morning. Economists estimate that first-time unemployment claims rose to 248,000 in the week ending Aug. 27.
The main event of the week is the Department of Labor’s official report for August, which will be released at 8:30 am on Friday. Nonfarm payrolls likely increased by 300,000 in August, according to Bloomberg data.
Alexandra Semenova is a reporter at Yahoo Finance. follow her on her twitter @alexandraandnyc
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