US Stock Futures Slip as Bessent Downplays Selloff: Markets Wrap

(Bloomberg) — US equity futures slipped after Treasury Secretary Scott Bessent dismissed recent declines as healthy, reinforcing the view that the Trump administration is unlikely to step in to boost markets.

Most Read from Bloomberg

S&P 500 and Nasdaq 100 contracts fell 0.3%, indicating Wall Street’s four-week run of losses is set to deepen. In premarket trading, the Magnificent Seven group of tech stocks mostly edged lower, though Nvidia Corp. gained before its much anticipated conference on artificial intelligence. Europe’s Stoxx 600 index rose 0.4%, extending its year-to-date outperformance against US stocks.

Bessent told NBC’s Meet the Press Sunday that he’s not worried by the slump in US stocks, after about $5 trillion was wiped from the S&P 500’s value and the index tumbled into a correction. His comments are a blow to those harboring hopes that President Donald Trump will seek to cushion the market impact of his policies.

“This statement caused some alarm for many Wall Street types who had been counting on Bessent to be the second Trump administration’s ‘voice of reason’ on economic policy,” said Benjamin Picton, a strategist at Rabobank.

The comments effectively dash prospects that policymakers will throw “liquidity bones to financial markets whenever they showed signs of wobbling,” Picton added.

Meanwhile, fears of a protracted global trade war are benefiting haven assets, with gold holding close to record highs around $3,000 an ounce, and Treasury yields edging lower. Bund yields dropped five basis points as jitters mounted over Tuesday’s parliamentary vote on Germany’s landmark spending package.

Another source of concern is the US threat of “unrelenting” military strikes on Yemen’s Houthi militants, who said they would respond by targeting US vessels in the Red Sea. The events lifted Brent crude futures above $71 a barrel, while European shipping stocks, including AP Moller-Maersk A/S and Hapag-Lloyd AG, gained.

Later this week, the Federal Reserve, Bank of England and the Bank of Japan are set to hold policy meetings. While they are not expected to change interest rates, investors will watch in particular for any clues from the Fed on what kind of support could be offered to the economy.

Swaps see high odds of three Fed cuts this year, but Fed chair Jerome Powell faces the task of assuring investors the economy remains on solid footing, while signaling policy support will be provided when required. US retail sales data due later Monday are expected to reinforce the picture of a slowing economy, following on from below-forecast inflation readings last week.

Get the Markets Daily newsletter to learn what’s moving stocks, bonds, currencies and commodities

Key events this week:

• US retail sales, Empire manufacturing, Monday

• Canada CPI, Tuesday

• US housing starts, import price index, industrial production, Tuesday

• Brazil rate decision, Wednesday

• Eurozone CPI, Wednesday

• Indonesia rate decision, Wednesday

• Japan rate decision, industrial production, Wednesday

• US Fed rate decision, Wednesday

• Australia unemployment, Thursday

• China loan prime rates, Thursday

• South Africa rate decision, Thursday

• Sweden rate decision, Thursday

• Switzerland rate decision, Thursday

• Taiwan, rate decision, export orders, Thursday

• UK rate decision, jobless claims, unemployment, Thursday

• US jobless claims, existing home sales, Thursday

• EU leaders summit in Brussels to discuss defense spending, Thursday

• ECB President Christine Lagarde speaks, Thursday

• Bank of Canada Governor Tiff Macklem speaks, Thursday

• Chile rate decision, Friday

• Japan CPI, Friday

• Malaysia CPI, Friday

• New York Fed President John Williams speaks, Friday

Some of the main moves in markets:

Stocks

• S&P 500 futures fell 0.3% as of 6:43 a.m. New York time

• Nasdaq 100 futures fell 0.3%

• Futures on the Dow Jones Industrial Average fell 0.3%

• The Stoxx Europe 600 rose 0.5%

• The MSCI World Index rose 0.2%

Currencies

• The Bloomberg Dollar Spot Index fell 0.2%

• The euro rose 0.2% to $1.0905

• The British pound rose 0.3% to $1.2969

• The Japanese yen was little changed at 148.57 per dollar

Cryptocurrencies

• Bitcoin rose 0.2% to $83,367.38

• Ether rose 1% to $1,913.58

Bonds

• The yield on 10-year Treasuries declined three basis points to 4.28%

• Germany’s 10-year yield declined six basis points to 2.82%

• Britain’s 10-year yield was little changed at 4.66%

Commodities

• West Texas Intermediate crude rose 1.2% to $67.97 a barrel

• Spot gold rose 0.5% to $2,998.04 an ounce

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Catherine Bosley.

Most Read from Bloomberg Businessweek

©2025 Bloomberg L.P.