BEIJING (AP) — Global stock markets and U.S. futures tumbled Monday after Wall Street fell for a third straight week and investors were rattled by U.S.-Chinese tension over technology and security and a rise in British coronavirus infections.
London and Frankfurt opened lower and Shanghai, Hong Kong and Seoul retreated. Japanese markets were closed for a holiday.
On Friday, Wall Street’s benchmark S&P 500 lost 1.1%, led by a sell-off of tech companies that led this year’s rebound. Investors worry they might have become to expensive.
Market momentum shifted after the Federal Reserve said last week the U.S. economic outlook is uncertain. Growth in some industries has slowed after additional unemployment benefits that supported consumer spending expired. Lawmakers have yet to agree on a new support package ahead of elections for president, Congress and some Senate seats.
“With 43 days to the U.S. election, fingers crossed may be what little one can do when it comes to the fiscal stimulus hopes,” said Jingyi Pan of IG in a report.
In early trading, the FTSE 100 in London tumbled 2.9% to 5,830.28….
