U.S stock market futures open sharply lower Tuesday. The Dow Jones Industrial Average declined 264.13 points or 1.07% to 24,488.96 as of 11:20 a.m. EST. The S&P 500 dropped 21.15 points or 0.78% to 2,700.18, while the Nasdaq Composite fell 18.84 points or 0.25% to 7,415.01. The small-cap benchmark Russell 2000 lost 2.15 points or 0.13% to 1,624.80.
Last week, the Dow Jones advanced 0.2%, the S&P 500 added 0.3% and the Nasdaq Composite climbed 1.1%.
News in Focus:
Traders returning from a three-day weekend were greeted by fresh Italian political drama.
Another Italian election looks likely within a few months, and investors fear it could turn into a de facto referendum on the country’s membership in the euro.
Traders also were assessing efforts to revive a June summit between President Donald Trump and North Korean leader Kim Jong Un, as well as political uncertainty in Spain, where Prime Minister Mariano Rajoy was struggling to stay in power.
Stocks to Watch:
Stoxx Europe 600 Index fell 1.3%, while Italy’s FTSE MIB stock benchmark was down nearly 3%.
The euro recently changed hands at $1.1557, down from $1.1625 late Monday in New York, helping the ICE U.S. Dollar Index inch up.
Investors sought safety of haven assets such as long-dated Treasurys sending yields sharply lower. The yield on the 10-year Treasury note fell 7 basis points to 2.858%.
Gold futures edged higher, but U.S. oil futures fell about 1%.
First published May 29, 2018: 11:30 A.M. ET