Traders work on the floor of the New York Stock Exchange (NYSE) on March 07, 2025 in New York City.
Spencer Platt | Getty Images
Stock futures dropped on Monday as the selling pressures that dragged Wall Street last week persisted, while investors braced for a slew of economic data reports this week.
Futures tied to the Dow Jones Industrial Average slipped 446 points, or 1%. S&P 500 futures fell 1.3%, while Nasdaq 100 futures dropped 1.6%.
Last week, the S&P 500 lost 3.1% for its worst weekly mark since September. The Dow fell 2.4%, while the Nasdaq Composite shed 3.5%.
The struggles came as the market was whipsawed by developments out of Washington, D.C., with negotiations on tariffs between the U.S., Mexico and Canada playing out throughout the week. In an interview that aired Sunday, President Donald Trump responded to a question on Fox News about the possibility of a recession by saying the economy was going through “a period of transition.”
“The risks of our bear case have risen … we thought the market would end the year at 6,600 but have a 5% to 10% drawback during the course of the year that it would bounce back from. I do think the risks now are rising that we get something worse than a 10% drawdown — something, say, in the 14%to 20% range,” said Lori Calvasina, RBC Capital Markets head of U.S. Equity strategy, on CNBC’s “Squawk Box” Monday morning.
The political turbulence could continue this week, with a heavy dose of economic data adding to the list of potential market-moving events.
The New York Fed survey of consumer expectations is due out on Monday, and it will pair with the University of Michigan consumer sentiment reading on Friday.
On the inflation front, the February consumer price index release is slated for Wednesday, followed by the producer price index on Thursday.
“Inflation data will dominate the economic calendar this week. The total and core Consumer Price Indexes (CPI) likely rose at a more moderate pace in February after sharp increases in the prior month, resulting in annual increases holding roughly steady,” Comerica Bank chief economist Bill Adams said in a statement. “Pushed higher by tariffs and tariff threats, producer prices probably rose faster than consumer prices for a second month running, keeping annual PPI elevated.”
