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

Posted By: Ashley Smith
August 5, 2024 @ 8:46 am
Local News

Tweet
Share
Reddit
+1
Pocket
LinkedIn

gettyrf_8222_wallstreetflags495204-150x150261617-1

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.