U.S. stock futures tumbled Thursday, with selling so intense at one point that circuit breakers were triggered, after the arrest of a Huawei executive reignited trade worries that helped drag equities to their worst session since early October on Tuesday.
U.S. stock markets were closed Wednesday to mark a national day of mourning for former President George H.W. Bush, who died Friday at 94.
How are the benchmarks trading?
Futures for the Dow Jones Industrial Average YMZ8, -1.82% were down 365 points, or 1.5%, at 24,680, though they were off overnight lows, when Dow futures fell as much 487 points.
On Tuesday, the Dow DJIA, -1.78% sank 799.36 points, or 3.1%, to 25,027.07, while the S&P 500 index SPX, -1.80% dropped 90.31 points, or 3.2%, to 2,700.06. The Nasdaq Composite Index COMP, -1.71% tumbled 283.09 points, or 3.8%, to 7,158.43. All three benchmarks had their worst day since Oct. 10.
What’s driving the market?
While regular trading was closed Wednesday, there was a shortened session of electronic trading for stock-index futures that showed Dow futures bouncing 100 points. When futures reopened Thursday, the drop was so severe on S&P 500 futures that the Chicago Mercantile Exchange triggered circuit breakers to avoid worse losses. Those futures spiked down to 2,659, a drop of 1.9% before the CME stopped trading briefly to try to calm the market, said Chris Weston, head of research at Pepperstone.
FactSet S&P 500 futures tumble sharply at Thursday’s reopen
Investors were rattled by news that the Canadian authorities had arrested Meng Wanzhou, the chief financial officer of Huawei Technologies, at