Dow Could Plummet 150 on Italian Crisis

U.S. stock index futures dropped sharply ahead of Tuesday’s open as political turmoil in Italy and Spain added to investors’ worries and sent the euro falling to its lowest level against the dollar in 2018.

Futures for the Dow Jones Industrials skidded 161 points, or 0.7%, to 24,569

S&P 500 futures fell 16.5 points, or 0.6%, to 2,701.75, while futures for the NASDAQ composite index jettisoned 34.25 points, or 0.5%, to 6,926.

U.S. stock markets were closed Monday for Memorial Day.

The Walt Disney Company fell 1.1% in pre-market trading Tuesday after its latest “Star Wars” film disappointed at the box office. “Solo: A Star Wars Story” opened to an underwhelming $103 million in North America over the long holiday weekend, falling short of estimates closer to $150 million, according to industry researcher ComScore.

In data, the S&P/Case-Shiller house price index is set to be released at 9 a.m. ET, followed by consumer confidence at 10 a.m. ET and the Dallas Fed’s manufacturing survey at 10:30 a.m. ET.

The moves in pre-market trading in the U.S. came amid turbulence for European markets and politics alike.

The Stoxx Europe 600 fell 1.3%, weighed down by a 2.9% drop in Italy’s FTSE MIB and a 2.4% decline in Spain’s IBEX 35.

Over the weekend, Italy’s prime minister appointed former International Monetary Fund official Carlo Cottarelli as interim prime minister to form a new government and restore political order within the country.

In Japan, the Nikkei 225 fell 0.6%, while in Hong Kong, the Hang Seng Index plummeted 1% Tuesday

Oil prices slid 77 cents to $67.11U.S. per barrel.

Gold prices ditched six dollars to $1,297.70U.S. an ounce.

This article provided by NewsEdge.