Dow futures sink 300 points as Friday's rout on Wall Street looks set to continue

Traders work on the floor of the New York Stock Exchange (NYSE) on August 26, 2022 in New York City. Spencer Platt | Getty Images

Stock futures fell on Sunday evening as investors tried to shake off a sharp decline in stocks at the end of last week. Futures for the Dow Jones Industrial Average slid 300 points, or about 0.93%. Those for the S&P 500 and the Nasdaq 100 dropped 1.18% and 1.6%, respectively. The moves in futures come after a brutal sell-off for Wall Street on Friday, when Federal Reserve Chairman Jerome Powell's short and blunt remarks in Jackson Hole, Wyoming, appeared to extinguish hopes of the central bank changing its aggressive course of rate hikes in the months ahead. The Dow fell 1,008 points, or just over 3%, for its worst day since May. The S&P 500 and Nasdaq Composite fell 3.4% and 3.9%, respectively, for their worst days since June. The drop erased the August gains for all three averages. "Investors again cut back on their recent Risk-On positioning, supporting our view that it is way too soon to call their recent risk appetite a more permanent stance, and now one more likely to have cost them badly," Rick Bensignor of Bensignor Investment Strategies said in a note to clients.

The coming week brings more Fed speeches, including Vice Chair Lael Brainard on Tuesday, before August's nonfarm payrolls report on Friday.

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Stock futures fall as Wall Street looks ahead to Jackson Hole

Traders on the floor of the NYSE, Aug. 9, 2022. Source: NYSE

U.S. stock futures fell on Sunday night following a halt in the summer rally last week, as fears of aggressive interest rate hikes returned to Wall Street. Dow Jones Industrial Average futures slid by 93 points, or 0.28%. S&P 500 and Nasdaq 100 futures dipped 0.35% and 0.53%, respectively. On Friday, the S&P 500 closed down 1.29%. The Dow Jones Industrial Average dropped 292 points, or 0.86%, and the Nasdaq Composite dropped 2.01%. Those moves come ahead of what could be a volatile week of trading on Wall Street. Investors are anticipating Fed Chairman Jerome Powell's latest comments on inflation at the central bank's annual Jackson Hole economic symposium. "We've written a couple of times recently about wait and see trading ahead of key events/releases... and how that can set the stage for greater volatility around the events themselves, and we may see a bit of that play out next week as investors await the symposium," read a Friday note from Susquehanna's Christopher Jacobson.

On the earnings front, traders are expecting Palo Alto Networks and Zoom Video to report results Monday after the bell.

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Former Deutsche Bank co-CEO Anshu Jain dies at 59

Jain Anshu, President of Cantor Fitzgerald appears on CNBC's Squawk on the Street at the 2020 World Economic Forum in Davos, Switzerland on Jan. 22nd. 2020.

Gerry Miller | CNBC

Anshu Jain, an Indian-born investment banker who rose to the role of co-CEO at Deutsche Bank, died last night after a long battle with cancer, his family announced in a statement Saturday. He was 59 years old.

Jain, who most recently served as the president of Cantor Fitzgerald, earned an MBA at the University of Massachusetts-Amherst and worked at several financial firms, including Merrill Lynch, before moving to Deutsche Bank. He served as co-CEO from 2012 to 2015.

Jain stepped down from his role at Deutsche before his contract ended after the bank was beset by a string of regulatory issues.

His other positions included a role as an advisor at fintech company SoFi from 2016 to 2017 and as a trustee of British charity Chance to Shine.

"He believed in hard work, meritocracy, operating outside of expectations or conventional boundaries, placing family first, standing by one's roots (having turned away many attempts to Westernize him in an industry that was often homogenous), in speaking 'at the margin' rather than delivering plain facts, in wit and wordplay, in being nonmaterialistic, and in the importance of having broad-bandwidth and being a 'scholar-athlete,'" his family said in a statement.

"We are grateful to the many people who cared for Anshu throughout his life. For us, his legacy is tenacity, honour, and love," the statement said.

Howard Lutnick, the CEO of Cantor Fitzgerald, also released a statement about Jain's passing.

"Anshu was the consummate professional who brought a wealth of experience and wisdom to his role as President. He will be remembered as an extraordinary leader, partner, and dear friend who will be greatly missed by all of us and by all who knew him," Lutnick said. "On behalf of all our partners and employees, we extend our deepest sympathies to Anshu's family and wish them peace and healing during this difficult time."

Correction: This article has been updated to delete a reference to Ajit Jain, who is not related to Anshu Jain.

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