U.S. stock futures sharply fell on Monday as part of a global market sell-off centered around U.S. recession fears. Japan’s Nikkei 225 plunged 12% in its worst day since the 1987 Black Monday crash for Wall Street. Here’s where U.S. stock market futures stand at the moment: Dow Jones Industrial Average futures dropped 1,285 points, or 3.2%, following a 611-point loss on Friday. S&P 500 futures are down 4.4% after the benchmark lost 1.8% on Friday. Nasdaq-100 futures lost 5.7% as big tech stocks got hit hard in early trading. If the Dow was to follow through on that decline, it would be the first 1,000 point decline since September 2022. Fears of a U.S. recession were the main culprit for the global market meltdown after Friday’s disappointing July jobs report. Investors are also concerned that the Federal Reserve is behind in cutting interest rates to bolster an economic slowdown, with the central bank choosing instead to keep rates at the highest in two decades last week.There’s also an unwinding of the once-hot artificial intelligence trade going on. Tech shares were among the worst performers in early trading Monday: Nvidia tumbled 9% Monday after going into the session already down more than 23% from its recent high. Apple cratered more than 8% after Warren Buffett’s Berkshire Hathaway cut its stake in the iPhone-maker in half. Other losers included Tesla, down 7%, and Broadcom and Super Micro Computer down more than 9% apiece. In Asia overnight, Japan stocks confirmed a bear market as Asia-Pacific investors had their first chance to react to the sour jobs figures in the U.S. from Friday. The 12.4% loss on the Nikkei — which closed at 31,458.42 — was the worst day for the index since the “Black Monday” of 1987 hit Wall Street. The loss of 4,451.28 points on the index was also the largest in terms of points in its entire history. The Dow lost more than 22% in a single day on Black Monday. Other global markets were also severely impacted: U.S. Treasury yields tumbled on the recession fears and as investors flooded into bonds for a global safe haven. Bond prices move inversely to yields. The benchmark 10-year note on Friday yielded 3.76%, down from where it was one week previously at 4.20% and the lowest in a year. Bitcoin tumbled from nearly $62,000 Friday to around $52,000 on Monday. Europe’s Stoxx 600 was off by 2.6% in London. The CBOE Volatility Index shot higher to above 53, its highest since the early days of the pandemic in 2020. There is also chatter about the unwind of yen “carry trade” adding fuel to the global market decline after the Bank of Japan raised interest rates last week. The yen is rising in value vs. the U.S. dollar, ending a practice of traders borrowing in the cheap currency to buy other global assets. “It’s painful,” said Victoria Greene, chief investment officer at G Squared Private Wealth on CNBC’s “Worldwide Exchange.” “I think there’s a lot being absorbed that happened over the weekend between Berkshire cutting Apple…you had the Japan sell-off… you have the yen spike and the end of that carry trade…You have a lot of bad news getting priced in.” “This is a pullback, a correction,” she added. “We’ll probably hit oversold at some point…rather quickly at these levels.” On Friday, the Nasdaq capped a third straight week of losses, bringing the tech-heavy index down more than 10% from a record set last month. The S&P 500 also posted a third straight losing week, down 2% for the week. Even the Dow Jones Industrial Average, which had been outperforming, snapped a four-week win streak, falling 2%. The S&P 500 went into Monday’s session down 5.7% from its recent all-time high. Economic data due out Monday include the July ISM Services PMI, a measure of the performance of U.S. services companies that’s set to show a rise to 50.9, up from 48.8 previously. Japan stocks confirmed a bear market on Monday as Asia-Pacific markets continued the sell-off from last week, with the Nikkei 225 and Topix dropping over 12%. The benchmark indexes have fallen more than 20% from their all-time highs on July 11. The 12.4% loss on the Nikkei — which saw it close at 31,458.42 — was the worst day for the index since the “Black Monday” of 1987. The loss of 4,451.28 points on the index was also the largest in terms of points in its entire history. The Nikkei erased all its gains so far this year, moving into a loss position. The broad-based Topix also saw a rout as it tumbled 12.23% and closed at 2,227.15. South Korea’s Kospi fell 8.77%, closing at 2,441.55, and the small-cap Kodaq tumbled 11.3%, ending at 691.28. Taiwan’s benchmark index, the Taiwan Weighted Index, was down over 8%, dragged by tech and real estate stocks , while Australia’s S&P/ASX 200 fell 3.7% to 7,649.6. Hong Kong Hang Seng index was down 1.62% as of its final hour of trade, while mainland China’s CSI 300 fell 1.21% to 3,343.32, seeing the smallest loss in Asia. U.S. crude oil futures tumbled to a six-month low on Monday, as equity markets sold off on fears the economy might be teetering on the brink of a recession. West Texas Intermediate has largely erased its gain for the year and Brent is now down for 2024, after trading higher for months on geopolitical risk in the Middle East and forecasts that the oil market would tighten in the third quarter. West Texas Intermediate September contract: $71.92 per barrel, down $1.60, or 2.18%. Year to date, U.S. crude oil is now flat. Brent October contract: $75.35 per barrel, down $1.46, or 1.9%. Year to date, the global benchmark has fallen 2%. Gold prices eased in volatile trading on Monday as investors liquidated positions in tandem with a broader equities sell-off, though analysts said bullion’s safe-haven appeal remains strong as U.S. recession fears mount. Spot gold was down 0.8% at $2,425.04 an ounce by 0856 GMT. U.S. gold futures lost 0.1% to $2,465.90. “There’s some truth in the old chestnut that all correlations go to one in a crash, and with traders needing to liquidate winning positions to cover margin calls on other assets, gold’s volatility signals the level of panic hitting equity markets,” said Adrian Ash, director of research at Bullionvault. “There is likely resistance at the old high of $2,484, but geopolitical tensions and concerns about whether the Fed has fallen behind the curve are all supportive for gold,” said StoneX analyst Rhona O’Connell.