U.S. stock futures were sinking again in premarket trading, the Associated Press reports, with futures for the S&P 500 falling 2% before the bell to 4,914.50. If those losses hold and the index closes below 4,915.32, it will be in what investors call a bear market. Futures for the Dow Jones Industrial Average slid 2.4%, and Nasdaq futures slumped 1.8%.
Prices for U.S. crude oil skidded more than 5% to $56.38 per barrel, their lowest level since February 2021 when the U.S. and global economies were still emerging from the COVID-19 pandemic. Rapidly falling oil prices often signal investor pessimism about economic growth and can signal a recession ahead. Brent crude, the European standard, gave back $3.29 to $59.53 per barrel.
A sell-off in long-term U.S. Treasurys compounded the gloom. The yield on the 10-year Treasury — normally considered a safe haven during volatile equity markets — jumped 17 basis points to 4.44% early Wednesday.
Delta Air Lines pulled its guidance for 2025 Wednesday as President Donald Trump’s trade war scrambles expectations for business and household spending and depresses bookings across the travel sector.
Shares of pharmaceutical companies were also hit hard in off-hours trading. Pfizer and Merck each lost more than 4%. Most other big drugmakers were down between 2% and 4%, including Johnson & Johnson, Bristol Myers Squib and Eli Lilly.
