Stock market news live updates: Stock futures sink as volatility grips markets

Stock market news live updates: Stock futures sink as volatility grips markets

U.S. stock futures fell Monday morning to extend last week's losses, as investors looked ahead to more data this week on inflation and earnings to gauge the strength of the economy and corporate profits as the Federal Reserve continues to tighten monetary policy.

Contracts on the S&P 500 dropped more than 2% before market open. This added to losses after the index posted a fifth straight weekly decline last week. Nasdaq futures sank by another 2.7% during pre-market trading, and Dow futures fell by more than 500 points.

Investors this week are awaiting more data on the state of inflation in the U.S., which will help show how much more aggressive the Fed many need to be in order to rein in elevated price pressures. Wednesday's Consumer Price Index (CPI) and Thursday's Producer Price Index (PPI) for April are expected to show a deceleration in price increases, suggesting March may have been the peak in the rate of price increases across the economy.