New fears about the growing Chinese property crisis and the debt surrounding it has caused the Dow Futures to drop by more than 500 points. China’s property market continues to suffer heavy losses, on Monday share of China Evergrande fell 13% in Hong Kong. Evergrande has an 8.25% bond with interest payments due this week and was trading around 29 cents to the dollar.
Down Jones Industrial Average futures YMOO, was -1.56% this morning, and dropped 505 points or 1.5% to 33954.
S&P 500 futures ESoo was negative 1.31% this morning and declined by 55 points or 1/2% to 4367.
The Nasdaq 100 futures was down 1.08% this morning or 1.1%, 163 points to 15163.
For the week, the Dow saw its third straight weekly decline, losing 0.1% and booking its longest weekly losing streak since the four weeks ending Sept. 25, 2020, according to Dow Jones Market Data. The S&P 500 fell 0.6% in a second straight week of losses, while the Nasdaq Composite lost 0.5%, also booking two straight weekly falls, according to FactSet.