FOX News contributor Gary B. Smith provides insight into the market selloff.
U.S. equity futures are pointing to a higher open after beginning the week with significant losses on recession concerns.
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The three major futures indexes are pointing to a rise of 0.3 percent.
Weaker U.S. manufacturing and hiring data fueled jitters about the global economy in the Wednesday session.
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Wall Street’s benchmark S&P 500 index lost 1.8 percent after a survey by payroll processor ADP found hiring weakened in September.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26078.62 | -494.42 | -1.86% |
| SP500 | S&P 500 | 2887.61 | -52.64 | -1.79% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7785.245666 | -123.44 | -1.56% |
That added to concern about earlier data showing U.S. manufacturing shrank last month by its widest margin in a decade. Those sent markets around the world tumbling.
Adding to uncertainty was a World Trade Organization ruling that cleared the United States to impose tariffs on up to $7.5 billion of European goods to compensate for illegal subsidies given to aircraft manufacturer Airbus.
The Trump administration said tariffs would begin Oct. 18.
In Asia on Thursday, Japan’s Nikkei fell by 2 percent and Hong Kong’s Hang Seng lost 0.5 percent.
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Chinese and Korean markets were closed for a holiday.
The Associated Press contributed to this article.
