Stock futures were little changed in early morning trading on Monday following last week’s sell-off triggered by inflation jitters.
Futures on the Dow Jones Industrial Average dipped 36 points. S&P 500 futures sat below the flatline, while Nasdaq 100 futures hovered slightly higher.
Bitcoin’s price dropped below $44,000, trading at $43,404.10 as of 1:11 am ET Monday, according to data from Coin Metrics. That came after Tesla CEO Elon Musk implied in a Twitter exchange Sunday that the electric vehicle maker may have dumped its bitcoin holdings. Last week, Tesla decided to halt bitcoin for car purchases due to environmental concern.
Wall Street came off one of the wildest weeks of 2021 that saw the S&P 500 fall 4% through midweek amid heightened inflation fears. The broad equity benchmark eventually ended the week down 1.4% after a back-to-back rally. The tech-heavy Nasdaq Composite, which got hit particularly hard by higher price pressures, dropped 2.3% last week. The blue-chip Dow fell 1.1% in that period. All three benchmarks posted their worst week since February 26.
“Not only are [last] week’s events a warning sign of how uncomfortable inflation prints can become but also a warning sign of how overbought equity markets have become,” Nikolaos Panigirtzoglou, a managing director at JPMorgan, said in a note.
