U.S. stock futures fell on Sunday, indicating a lower open on Monday and extending a slide that began last week.
Days after Wall Street started the year on an ugly down note, Dow futures opened about 90 points lower, implying triple digit losses for the Dow Jones Industrial Average. S&P futures shed about 10 points in early Asia trading.
Last week, blue chip and technology shares inaugurated 2016 with their worst ever first week of trading. Investors took fright over the state of China's financial and economic turmoil, and a prolonged slump in crude that—while giving consumers cheaper energy prices—threatens the financial health of major energy producers.
The broad market, as represented by the S&P 500 Index, shed a whopping $1 trillion last week, according to one analyst's estimate.
Meanwhile, the Federal Reserve's campaign of interest rate hikes remains a wild card for investors. The U.S. is currently the only major economy that is still experiencing growth, albeit modest. A growing number of economists expect the pace of growth to soften this year.
Investors will also be watching movements in the currency markets, where the dollar has begun a modest consolidation. Flight-to-safety buying, as well as the prospect of higher rates have boosted the greenback, but the has clawed back some ground in recent sessions.
Among major currencies, the risk-averse environment has also broadly lifted the Japanese yen.