US futures collapse after turbulent week on Wall Street

US futures slumped slightly on Sunday, building on turmoil caused in part last week by the GameStop stock market frenzy.

S&P 500 futures fell 0.1% for the last time, while Nasdaq futures fell 0.2%. Dow futures were flat, improving from a 0.8% drop earlier in the evening.

US markets are coming out of their worst week since October. Volatility depended on a handful of trends, including analyst fears about whether the massive squeeze on GameStop and other Reddit favorites started to squeeze liquidity in other parts of the market as investors unwind their investments. positions.

There are other factors as well. The earnings season is in full swing. There are also questions about whether the $ 1.9 trillion stimulus package proposed by President Joe Biden can actually pass, as well as the uncertainty over the deployment of the coronavirus vaccine.

The declines in US futures did not continue in Asia, where most of the major regional benchmarks rose. Hong Kong’s Hang Seng rose 1.5%, while South Korea’s Kospi also rose 1.5%. Japan’s Nikkei gained 0.9% and Australia’s S & P / ASX 200 gained 0.8%.

China’s Shanghai Composite lost 0.1%. The country’s manufacturing activity increased in January, according to a closely watched private survey on Monday, although at the slowest pace in seven months. Recent survey data from the Chinese government showed similar slow growth in manufacturing and services activity. It’s a sign that the recent coronavirus outbreaks in the country may hamper the recovery of the world’s second-largest economy, but not enough to derail it completely.

Silver producers, meanwhile, surged in Asia as precious metal futures surged to five-month highs. China Silver Group climbed nearly 30% in Hong Kong, for example. Chinese silver futures also jumped nearly 9% in Shanghai.

– Anneken Tappe contributed to this report.

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