U.S. stock futures tumbled in early trade on Monday, partly due to comments that China’s government will no longer support the stock market via big purchases of stock. Futures for the Dow industrials fell 206 points, or 1.2%, to 16,452, while those for the S&P 500 index dropped 25.45 points, or 1.3%, to 1,964.25. Futures for the Nasdaq 100 lost 38.25 points, or 0.9%, to 4,294.75. Investors were also mulling over comments from the Federal Reserve’s Jackson Hole Symposium over the weekend, which included a perceived hawkish speech from Vice Chairman Stanley Fischer. The end of the week will also bring crucial nonfarm payroll data. As for China, the Financial Times reported that China’s leaders feel they have allowed too much information to reach the public, destabilizing the stock market. Authorities instead plan to pursue and punish those they believe responsible for “destabilizing the market.” Oil prices also fell with October crude futures down 62 cents, or 1.4%, to $44.60 a barrel.
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From:: Stock Market News