U.S. stock futures took a downturn on Sunday, following a tumultuous week on Wall Street, as President Donald Trump offered little assurance about the economy’s future. The S&P 500 had just experienced its worst week since September, and investors were left uncertain after Trump declined to rule out the possibility of a recession in the U.S. this year.
In a Fox News interview on Sunday, when asked about the likelihood of a recession, Trump stated, “I hate to predict things like that,” but acknowledged the economy is undergoing “a period of transition.” He emphasized that the changes being implemented are substantial, and that recovery could take time.
This statement came amid rising concerns regarding the impact of Trump’s tariffs. The president announced plans to impose reciprocal tariffs on U.S. trade partners starting April 2, dismissing worries from business leaders about the tariffs’ unpredictable effects.
In contrast, Commerce Secretary Howard Lutnick offered a more optimistic view in a separate interview with NBC News, strongly rejecting the possibility of a recession. He assured, “There will absolutely not be a recession,” adding that Trump’s leadership will ensure prosperity for the American people.
Futures for the Dow Jones Industrial Average experienced early losses, dropping as much as 402 points before stabilizing to a decline of approximately 150 points, or 0.4%. S&P 500 and Nasdaq-100 futures also saw declines, with both indices dipping below their session lows at one point.
The previous Friday had seen some recovery, with stocks reversing early-session losses after Federal Reserve Chair Jerome Powell’s comments reassured investors. Powell stated that the U.S. economy remains in a strong position, and that the Federal Reserve plans to keep interest rates steady until there is clearer economic direction.
Despite Powell’s calming words, the week ended on a negative note. The Dow closed down 2.4%, while the S&P 500 fell 3.1%, briefly dipping below its 200-day moving average. The Nasdaq Composite lost 3.5%, dipping into and out of correction territory after falling more than 10% from its December 16 peak.
Meanwhile, the cryptocurrency market also took a hit on Sunday, following Trump’s White House crypto summit on Friday, which left investors expecting bolder announcements. Bitcoin dropped more than 6% in the past 24 hours, reaching as low as $80,024, down significantly from its record high of $109,225 on January 20. Other major cryptocurrencies, including Ethereum, XRP, Solana, and Cardano, also experienced declines.
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