U.S. stock futures point to more caution after Russian turmoil amid economic worries

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U.S. stock futures were a touch weaker Monday, extending last week’s pullback as the volatile weekend in Russia pushed safe assets including gold and bonds higher.

  • Dow Jones Industrial Average futures

    fell 32 points, or 0.1%, to 33945.

  • S&P 500 futures

    dropped 7 points, or 0.2%, to 4382.

  • Nasdaq 100 futures

    decreased 37 points, or 0.2%, to 15022.

On Friday, the Dow Jones Industrial Average

fell 219 points, or 0.65%, to 33727, the S&P 500

declined 34 points, or 0.77%, to 4348, and the Nasdaq Composite

dropped 138 points, or 1.01%, to 13493.

What’s driving markets

The S&P 500 fell last week for the first time in five weeks, and the mood wasn’t any brighter following Wagner Group’s aborted mutiny in Russia.

Gold futures

rose and the yield on the 10-year Treasury

fell as Yevgeny Prigozhin was reportedly headed for Belarus after his troops had headed to Moscow in a seeming challenge to Russian President Vladimir Putin.

“Just days after looking set for a period of steady decline as the bearish factors for gold outweighed the bullish ones, uncertainty over how the Ukrainian war will now play out and the prospect of an internal battle within Russia have sharply reversed gold’s fortunes,” said Rupert Rowling, market analyst at Kinesis Money.

The dollar

meanwhile slipped by the Japanese yen as minutes from the last Bank of Japan meeting showed worries that inflation will moderate back to its 2% target.

Worries about the global economy continued after a sharp drop in the German Ifo business climate index for June.

Tesla stock

slipped in premarket trade as the electric car maker’s rating was downgraded by Goldman Sachs to neutral.

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