US stock futures fall as Chinese protests shake markets, oil hits 2022 low

U.S. stock index futures fell late on Sunday as Asian markets fell following widespread public protests in China and oil prices hit a 2022 low.

Futures contracts Dow Jones Industrial Average YM00,
fell more than 150 points, or 0.5%, as of 10 p.m. Eastern Time, while S&P 500 ES00 futures,
and Nasdaq-100 NQ00 futures,
fall even more abruptly.

Wall Street ended Friday on a mixed note, with the Dow Jones hitting its highest close since April 21. The S&P 500 SPX,
ended down 1.1 points, or less than 0.1%, at 4,026.12; the Dow Jones Industrial Average DJIA,
closed 152.97 points, or 0.5%, higher at 34,347.03; and the Nasdaq Composite COMP,
lost 58.96 points, or 0.5%, to 11,226.36.

Shares in Asia fell on Monday, led by a 2% drop in Hong Kong’s Hang Seng HSI index,
The Shanghai Composite SHCOMP,
also slipped, as thousands of protesters in major Chinese cities, including Shanghai, called on President Xi Jinping to step down. The unprecedented protests have been spurred by frustration over China’s strict lockdowns under its “zero-COVID” policy.

“Sentiment has turned sour as unrest across China grows,” Stephen Innes, managing partner of SPI Asset Management, said in a note late Sunday. “The risk of the situation escalating from here and short-term volatility remain high.”

Oil prices also fell sharply on Sunday as investors worried about a drop in demand from China. West Texas Intermediate CL.1 Crude Futures,
last fell more than 2% to $74.27 a barrel, its lowest price since the start of the year. Crude Brent price BRNF23,
the international standard, also sank.


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