Selloff Continues, Dow Futures Off 350+

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Stock futures fell sharply early Monday, as U.S. rates continued to rise and traders struggled to find their footing after big market swings last week.

Futures for the Dow Jones Industrials faltered 359 points, or 1.1%, to 32,450.

Futures for the S&P 500 plummeted 59.75 points, or 1.5%, to 4,059.75.

Futures for the NASDAQ Composite Index fell 257.75 points, or 2%, to 12,442.

That rate increase put pressure on Big Tech names such as Meta Platforms and Alphabet. Shares of Meta were down 2.5% in the premarket, and Alphabet lost 2.7%. Amazon, Apple and Netflix were all down more than 2% as well.

Energy stocks fell broadly as U.S. oil futures slid more than 2% to $107.14 per barrel. Occidental Petroleum shares dipped 2.8% before the bell, and Schlumberger slipped 2.4%.

First-quarter earnings season is slowing down, but there are several notable reports before the opening bell on Monday, including Palantir and vaccine-makers BioNTech and Novavax.

In other corporate news, Ford was looking to sell eight million shares in Rivian Automotive over the weekend.

Investors will also be keeping an eye on the war in Ukraine. U.S. first lady Jill Biden made a surprise visit to the country on Sunday. The
U.S. and Group of Seven countries announced that they would increase short-term financial support for Ukraine as the war with Russia nears the three-month mark.

Markets in Hong Kong were shuttered for holiday, while Japan. the Nikkei 225 cratered 2.5% Monday.

Oil prices $2.58 to $107.19 U.S. a barrel.

Gold prices plunged $20.20 to $1,862.60 U.S. an ounce.