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US Stock Futures: Down Sharply as Investors Climb the ‘Wall of Worry’

The major U.S. stock index futures are trading sharply lower early Monday following last week’s dismal performance. The sell-off looks like investor liquidation with a slew of reasons likely fueling the move. Investors are definitely climbing the wall of worry ahead of the two-day Fed meeting on Tuesday and Wednesday.

However, there are other factors weighing on the trade including China, supply chain issues, debt ceiling negotiations and the infrastructure/tax bill to name a few. Investors are no doubt reacting to the continuing weakness in Hong Kong and shares of China’s Evergrande Group.

At 03:31 GMT, the benchmark S&P 500 Index futures are trading 4387.00, down 34.75 or -0.79%. The blue chip Dow Jones Industrial Average futures are at 34125.00, 337.00 or -0.98% and the technology-based NASDAQ Composite Index futures are trading 15233.25, down 92.75 or -0.61%.

Hong Kong’s Hang Seng Index drops 2% as Evergrande Shares Plunge More than 10%

Hong Kong’s Hang Seng Index led losses among Asia-Pacific markets in Monday’s trade, with shares of embattled Chinese developer China Evergrande Group continuing to drop. The Hang Seng Index dropped 2.18% in the Monday morning trade, as shares of China Evergrande Group plummeted more than 10% Reuters reported.

Last Week’s Weakness on Wall Street Continuing in Early Trade

The U.S. stock market ended the week sharply lower in a broad sell-off on Friday, ending a week buffeted by strong economic data, corporate tax hike worries, the Delta COVID variant, and possible shifts in the U.S. Federal Reserve’s timeline for tapering asset purchases.

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All three major U.S. stock indexes lost ground, with the NASDAQ Composite Index’s weighed down as rising U.S Treasury yields pressured market-leading growth stocks. They also posted weekly losses, with the S&P Index suffering its biggest two-week drop since February.

One worry for investors is a potential hike in corporate taxes which could eat into corporate profits. The Democratic House of Representatives is seeking to raise the top tax rate on corporations to 25.5% from the current 21%.

Meanwhile, consumer sentiment steadied in early September, but it remains depressed, according to a University report, as Americans postpone purchases while inflation remains high.

Investors are also closely monitoring inflation, which is likely to be a hot topic of discussion when the Fed meets on September 21-22. Investors will be watching the Fed’s monetary policy statement for changes in language that could signal a shift in the Fed’s tapering timeline.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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