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.
The market was closed Wednesday to mark a national day of mourning for former President George H.W. Bush, who died Friday at 94.
How did the benchmarks fare?
Futures for the Dow Jones Industrial Average YMZ8, -1.84% were down 448 points, or 1.8%, at 24,606, while those for the S&P 500 index ESZ8, -1.80% were off 46.70 points to 2,655.75, a loss of 1.7%, while Nasdaq-100 futures NQZ8, -2.47% tumbled 159 points, or 2.4%, at 6,642.50.
On Tuesday, the Dow DJIA, -3.10% sank 799.36 points, or 3.1%, to 25,027.07, while the S&P 500 index SPX, -3.24% dropped 90.31 points, or 3.2%, to 2,700.06. The Nasdaq Composite Index COMP, -3.80% tumbled 283.09 points, or 3.8%, to 7,158.43. All three benchmarks had their worst day since Oct. 10.
What drove 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
Already jittery investors were rattled further by news that the Canadian authorities had arrested Meng Wanzhou, the chief financial officer of Huawei Technologies, at the request of U.S. authorities for allegedly violating sanctions