Stock market news live updates: Stock futures fall amid China’s COVID restrictions, packed earnings week

Stock market news live updates: Stock futures fall amid China’s COVID restrictions, packed earnings week

U.S. stock futures declined Monday morning to follow global equities lower, as concerns over an escalating COVID outbreak in China added to jitters over U.S. economic growth in the face of heightened inflation and monetary policy tightening.

Contracts on the S&P 500 fell by nearly 1% ahead of the opening bell, as the index looked to add to last week's losses. The Dow and Nasdaq each also headed for lower opens. U.S. Treasury yields dropped, and the benchmark 10-year yield hovered just above 1.8%.

West Texas intermediate crude oil futures fell more than 4% to trade below $98 per barrel, with fears over the economic impact of broadening virus-related restrictions throughout China mounting. Beijing saw a spike in COVID cases over the weekend that prompted more mandatory testing and some lockdowns in the region. And this came as other populous cities including Shanghai have also recently grappled with fresh waves of infections, even as the country works to abolish the virus under a zero-COVID policy.