U.S. Stock Futures Fall Sharply as Oil Extends Sell-Off


stock market downU.S. stock-index futures fell sharply on Monday as fears of a global economic slowdown escalated and the oil price stretched slump.

As of 8:38 a.m. in New York, Dow e-minis were down 1.3%, with 58,000 contracts changing hands. S&P 500 e-minis were down 1.4%, with 370,000 contracts traded. Nasdaq 100 e-minis were down 2.1%, on volume of 77,000 contracts.

U.S. crude futures fell 3.7% to $29.74. Oil fell as a meeting between OPEC producers Saudi Arabia and Venezuela failed to show any indication that steps would be taken to prop up prices.

European markets extended losses on Monday. The pan-European STOXX 600 was down 2.2%. Europe’s FTSEurofirst 300 fell 2.2%. China’s markets are closed this week for the Lunar New Year holiday.

Gold for April delivery rose 2.1% to $1,182 an ounce.

Investors will await comments from Federal Reserve Chairwoman Janet Yellen on Wednesday and Thursday, when she testifies to Congress about the economy and monetary policy.

On Friday, the Dow Jones Industrial Average fell 1.3% to 16,204.97 The S&P 500 declined 1.9% to 1,880.05. The Nasdaq 100 (INDEXNASDAQ:NDX) sank 3.4% to 4,024.47, its lowest close since October 2014.

BioCryst Pharmaceuticals Inc. (NASDAQ:BCRX) plummeted as much as 63% in premarket trading after the drug developer said its lead drug to treat a rare genetic condition failed to reduce the frequency of recurrent swelling in patients.

Hasbro Inc. (NASDAQ:HAS) is expected to be active on Monday as strong demand for toys based on the “Star Wars: The Force Awakens” and “Jurassic World” movies helped the toymaker to report its biggest jump in quarterly revenue in nearly five years. The stock has rallied 33% over the past year.

Apollo Education Group Inc. (NASDAQ:APOL) surged as much as 27% in early trading after the owner of University of Phoenix agreed to be taken private by a group of investors in a deal valued at $1.1 billion.

Cognizant Technology Solutions Corp (NASDAQ:CTSH) slumped as much as 8% after the IT services provider reported its first revenue miss in six quarter as clients worldwide trim their routine IT services spending.

Facebook Inc (NASDAQ:FB) was down 3.7% as Indian telecommunications regulators on Monday effectively banned a controversial Facebook program to let people have free, but limited, use of the Internet.

Amazon.com Inc. (NASDAQ:AMZN) was down 4% before the opening bell; Alphabet Inc down 3.1%.

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