U.S. stock futures plunged ahead of trading on Monday on concerns that the lingering trade war between the United States and China could push the global and domestic economies into a full-blown recession. The Dow lost around 150 points after Hong Kong International Airport terminated all departures for the rest of the day following intensification in protests which have paralyzed the city.
Since June, violent demonstrations by pro-democracy groups have created the worst crisis witnessed by the Asian financial capital in decades. The protests are also the stiffest challenge faced by Xi Jinping since he assumed office in 2012. These protests are one of the factors pushing treasury yields lower this morning.
Ahead of the opening, consumer staples company Sysco (SYY - Free Report) and Barrick Gold (GOLD - Free Report) released fiscal fourth-quarter and second-quarter earnings, respectively. Sysco beat earnings estimates though revenue numbers fell short of expectations. Meanwhile, Barrick Gold’s earnings and revenues failed to exceed their respective estimates.