Dow futures fall more than 80 points as wild market swings continue

E-mini S&P 500 Index

Weekly March E-mini S&P 500 Index

USA stock futures pointed to another dip at the open for Wall Street on Tuesday, halting two days of gains that had somewhat cooled investor nerves about a burgeoning market correction.

The moves witnessed in the U.S futures are the result of a solid end Monday when the Dow Jones Industrial average was able to close up over 400 points. The S&P 500 lost 14.73 points, or 0.554593 percent, to 2,641.27.

The S&P 500 rose 1.4 percent Monday with energy and financials as the top performing sectors.

The gains in afternoon trading Monday came after the market slumped into a "correction" for the first time in two years last week.

"You nearly could hear a collective sigh of relief on Friday when the market closed higher on the day - and ahead of a weekend at that", said John Stoltzfus, the chief investment strategist at Oppenheimer Asset Management, in a note on Monday.

The Nasdaq jumped 107.47 (+1.56 percent) to close at 6,981.96, while the S&P 500 finished trading at 2,656.00, up 36.45 (+1.39 percent) for the day.

Dow futures dropped 93 points at around and hinting toward a dip of 79 points at the open.

U.S. stocks began to wobble last Friday after a healthy United States labor market report sparked a spike in bond yields and fears of rising inflation.

USA investors have been torn between enthusiasm for the tax cut passed by Congress a year ago that could provide a stimulus to an economy already at full employment, and growing fears that interest rates will jump as the federal government borrows big to cover its growing deficits.

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The Dow and S&P 500 both pulled back 5.2 percent last week, notching their worst weekly declines since January 2016.

United States of America crude oil dropped 1 percent to settle at $61.15 a barrel, while Brent fell 1.1 percent to $64.81.

The Dow rose about 330 points on Friday.

Over the last two trading sessions, the major indexes gained about 3 percent.

Drug distributor AmerisourceBergen jumped almost 13 percent after the Wall Street Journal reported Walgreens approached the company for a takeover. Trump also unveiled a plan to spend $1.5 trillion on the country's ailing infrastructure over the next decade.

The sell-off coincided with a renewed concern among investors about how the Federal Reserve would use higher interest rates to deal with inflation; the January jobs report released February 2 showed the fastest year-over-year wage growth since 2008. The Dow has had two 1,000-point drops this week.

Crude oil prices were little changed at about $59 per barrel. The yield on the 10-year Treasury note stayed at 2.86 percent. Natural gas slid 3 cents to $2.55 per 1,000 cubic feet.

The dollar fell to 109.33 yen from 109.70 yen. The euro rose to $1.2284 from $1.2231. Silver lost 20 cents, or 1.2 percent, to $16.14 an ounce.

Germany's DAX shed 0.4 per cent to 12,239 and the CAC 40 of France fell 0.3 per cent to 5,122. Hong Kong's Hang Seng index added 1.4 per cent to 29,884.06 and the Shanghai Composite Index advanced 1.0 per cent to 3,185.86.

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