Futures for US Stocks Drop as Besent Downplays Selloff – Europe Market Wrap

US share futures fell as Treasury Secretary Bessent described recent drops as healthy, bolstering the belief that the Trump administration is unlikely to intervene to boost markets.

The S&P 500 and Nasdaq 100 contracts both declined 0.3%, signalling that Wall Street’s four-week losing streak will continue. In premarket trading, the Magnificent Seven group of tech companies largely dipped lower, with Nvidia gaining ahead of its highly anticipated AI conference. Europe’s Stoxx 600 index advanced 0.4%, extending its year-to-date lead above US stocks.

Bessent told NBC’s Meet the Press on Sunday that he is unconcerned about the drop in US stocks, which has resulted in the S&P 500 losing roughly $5 trillion in value and entering a correction. His statements are a setback to those hoping that Trump will try to mitigate the market impact of his initiatives.

Meanwhile, fears of a protracted global trade war are boosting haven assets, with gold trading near record highs of $3,000 per ounce and Treasury yields falling. Bund rates fell five basis points as concerns grew about Tuesday’s parliamentary vote on Germany’s record spending program.