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Risk Off: Futures, Oil And Yields Slide, Hong Kong In Bear Market; Dollar Surges

Another ugly day for risk assets with US equity-index futures dropping alongside global stocks, as faltering growth and China’s regulatory curbs compounded risks before the Federal Reserve’s Jackson Hole symposium next week. Fears about economy-linked sectors put the Dow and the S&P 500 on course for their worst week since mid-June. The dollar extended its rally to a fresh 10 month high, oil slumped and bitcoin surged after Coinbase announced it bought $500 million in crypto would reinvest some of its profits in digital currencies. At 745 a.m. ET, Dow e-minis were down 125 points, or 0.36%, S&P 500 e-minis were down 15 points, or 0.34%, and Nasdaq 100 e-minis were down 19 points, or 0.13%.

For the week, the Dow and the S&P 500 are down about 1.7% and 1.4% respectively, while the Nasdaq has fallen 1.9%, its worst since mid-May. FAAMG stocks slid between 0.2% and 0.7% despite a continued decline in bond yields. Deere rose 1% after it beat Wall Street estimates for third-quarter revenue and lifted its full-year earnings forecast on strong demand for farm and construction equipment. The biggest pain again was spread among the oil majors as Chevron and Exxon Mobil slipped another 0.8% each, tracking steep losses in crude prices. The S&P 500 energy sector is down about 7.6% this week, the most among all the 11 major S&P sectors.

Moderna fell after The Washington Post reported that health officials were investigating reports the company’s vaccine may be linked to higher risk of a heart condition than previously thought. Ross Stores Inc. slid 4.4% after its guidance disappointed Wall Street. Here are some of the other biggest U.S. movers today:

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