Futures of Nasdaq 100, S&P 500, and Dow Jones were all down between 2.3% and 2.9% at the time of writing. Russell 2000 was down more than 3%, pointing to relatively higher weakness among small cap stocks.

People walk by the New York Stock Exchange. (Photo by Spencer Platt/Getty Images)

Rounak Jain·Stocktwits

Updated Jul 02, 2025 | 8:31 PM GMT-04

Add us on

U.S. stocks could be headed for another day in the red as President Donald Trump’s tariffs and the administration’s defiant stance continue to wreak havoc on equity markets worldwide.

As Chinese and other Asian markets registered steep declines, U.S. futures point to the third consecutive day of losses.

While the Nasdaq Composite is already in the bear territory, the S&P 500 is likely to follow suit as it has declined over 17% from its peak, and futures are pointing to a 2.5% slide on Monday morning.

At the time of writing, benchmark index futures traded down between 2.3% and 2.9%.

At the time of writing, Nasdaq 100 futures were down nearly 2.9%, while Dow Jones futures were 2.3% in the red. S&P 500 futures were trending 2.6% lower.

The Russell 2000 index was down more than 3%, indicating relatively higher weakness among small-cap stocks.

Asian markets bore the brunt of the ongoing tariff war on Monday, with Hong Kong’s Hang Seng Index registering its biggest single-day decline since 1997.

While U.S. futures pointed to a bad start to the week, things are looking worse for some of the ‘Magnificent 7’ stocks – Tesla Inc. (TSLA), Nvidia Corp. (NVDA), Apple Inc. (AAPL), and others were down between 3% to 7% at the time of writing.

Bitcoin (BTC), the largest cryptocurrency by market capitalization, was down nearly 7% over the last 24 hours.

Black Monday Ahead?

Carson Global’s chief market strategist Ryan Detrick pointed out that S&P 500 closing down by 4% for three days in a row is extremely rare.

He said it has happened only three times in history, and all of those instances were during the Great Depression.

Trump, on his part, said he doesn’t “want anything to go down,” but futures showed his comments failed to calm nervous investors.

Former Treasury Secretary Larry Summers called Trump’s tariffs the most damaging policy since the Second World War.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Also See: Vietnam, Taiwan Extend Olive Branch While India, Hong Kong Dial Diplomatic Channels As Trump's Tariff War Roils Markets