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US futures extend losses on the back of global selloff

  • On Friday, U.S. stocks finished deep in the red, after a stronger-than-expected jobs report sent interest rates higher.
  • Bristol-Myers Squibb, Arconic and Sysco are some of the major names to publish their latest financial figures ahead of the open.
Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) ahead of the opening bell.
Drew Angerer | Getty Images News | Getty Images
Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) ahead of the opening bell.

U.S. stock index futures posted sharp declines ahead of Monday's open, extending losses from the previous session on Wall Street.

On Friday, U.S. stocks finished deep in the red, after a stronger-than-expected jobs report sent interest rates higher.

The Dow Jones industrial average sank 665.75 points to close down at 25,520.96, capping off the index's sixth-largest points decline ever, with other major indexes also posting sharp declines.

The negative trade comes after the Labor Department published its latest nonfarm payrolls report. On Friday, it was revealed that the U.S. economy had added 200,000 jobs in January, beating a Reuters economists' poll of 180,000.

The nonfarm payrolls report saw interest rates jump, with the 10-year Treasury yield hitting a four-year high, after the report highlighted that wages had risen by 2.9 percent on an annualized basis. Consequently, the news dampened sentiment to markets worldwide.

On Monday, Dow futures fell more than 100 points in early trade, while markets in Asia closed lower and European stocks fell into the red during its morning session.

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Today, earnings and data are set to be at the front of investors' minds. Services purchasing managers' index (PMI) data is due out at 9:45 a.m. ET, followed by the non-manufacturing ISM report on business at 10 a.m. ET.

In corporate news, Bristol-Myers Squibb, Arconic and Sysco are some of the major names to publish their latest financial figures ahead of the open.

In the central banking space, former Fed Governor Jerome Powell is taking on the role of chair of the U.S. Federal Reserve, inheriting the position from the first female chair, Janet Yellen. No speeches by members of the U.S. central bank are set to take place.

Elsewhere, oil prices came under pressure in morning trade.

—CNBC's Fred Imbert contributed to this report