U.S. stock futures slumped on Monday morning, with reopening concerns triggered by new cases at the Olympic village ahead of the opening ceremony, and new restrictions imposed on travel to France by the U.K., which separately reduced its coronavirus rules for England. Futures on the Dow Jones Industrial Average
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lost more than 300 points, and the S&P 500
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Trading in New York Stock Exchange-listed stocks on Friday were exhibiting panic-like-selling behavior to end a turbulent week of trading, featuring two days of congressioal testimony from Federal Reserve Chairman Jerome Powell and a trove of key economic reports. The NYSE Arms Index, a volume weighted breadth measure that tracks the ratio of advancing stock to declining stocks over the ratio of advancing volume over declining volume, was showing a reading of 2.182 for NYSE-listed shares. Many technicians say a rise to at least 2.000 suggests panic-like selling behavior. The reading comes even as the Dow Jones Industrial Average undefined was off 0.8% at 34,706, the S&P 500 index undefined was off 0.7% at 4,331 and the Nasdaq Composite Index undefined was trading 0.7% lower at 14,447. Fed Chairman Powell this week again reassured markets that a rise inflation was likely to be temporary, but higher prices may be behind the fall in consumer sentiment. For the week, the S&P 500 was looking at a 0.9% weekly drop, the Dow was on track for a 0.5% weekly slide, while the Nasdaq Composite was set for a 1.8% weekly decline.