Stock futures tumble as recession fears fuel calls for interest rate cut

Written by on August 5, 2024

Stock futures tumble as recession fears fuel calls for interest rate cut
Matteo Colombo/Getty Images

(NEW YORK) — Stock futures plummeted on Monday as markets reckoned with a disappointing jobs report last week that fueled concern of a possible recession.

Each of the major stock indexes fell more than 2% in pre-market trading on Monday. The tech-heavy Nasdaq dropped nearly 6%.

The market downturn triggered calls for a large interest rate cut at the Federal Reserve’s next meeting in September. Some investors voiced an even more urgent request for a rare emergency rate cut as soon as this week.

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