U.S. stock futures continue Trump induced slump, Dow down 100 points
Wall Street futures pointed to a lower open on Thursday as investors maintained a risk-off stance amid political turmoil on Capitol Hill that forced the biggest drop this year in U.S. stocks a day earlier.
The blue-chip Dow futures slumped 107 points, or 0.52%, at 7:00AM ET (11:00GMT), the S&P 500 futures lost 10 points, or 0.42%, while the tech-heavy Nasdaq 100 futures fell 19 points, or 0.34%.
The Dow and S&P recorded their worst day since September of last year on Wednesday with all the major indices erasing their gains for the month.
The bears looked set to continue the sell off on Thursday as reports surfaced that Michael Flynn and other advisers to Donald Trump’s campaign were in contact with Russian officials and others with Kremlin ties in at least 18 calls and emails during the last seven months of the 2016 presidential race.
That was only the latest worry in a tumultuous week at the White House, which included allegations that the president tried to interfere with a federal investigation and shared classified information with Russia’s foreign minister.
The Justice Department on Wednesday appointed former FBI director Robert Mueller as special counsel to take over the investigation of Russia’s alleged interference in the U.S. presidential election.
The recent string of controversies intensified doubts that Trump would be able to follow through on his campaign promises for tax cuts, deregulation and fiscal stimulus which had underpinned equities and the U.S. dollar.