US stock futures fall about 2%

Dow Jones Industrial Average futures fell 1.6% to 48,752

US stock futures declined ahead of the first trading session of the week, following the market’s return from the Martin Luther King Jr. Day holiday, as concerns over an escalating trade war intensified.

Dow Jones Industrial Average futures fell 1.6%, or 795 points, to 48,752 as of 12:39 p.m. Mecca time.

S&P 500 futures slipped 1.8% to 6,851, while Nasdaq 100 futures dropped about 2.2% to 25,123.

Meanwhile, yields on benchmark 10-year US Treasuries rose about 6 basis points to 4.287%. Yields on 20- and 30-year Treasuries climbed 9 basis points to around 4.885% and 4.93%, respectively.

The moves came after US President Donald Trump criticized another NATO ally ahead of his participation in the World Economic Forum in Switzerland, sharply condemning London’s decision to transfer sovereignty over the Chagos Islands to Mauritius and describing the British government’s plan as “great stupidity,” according to CNBC.

Investors are also awaiting quarterly earnings this week from several companies, including Netflix, Charles Schwab, Johnson & Johnson, and Intel.