The S&P 500 was on track to open in bear market territory, while global stocks tumbled and bond yields jumped as fears over inflation rattled investors around the world.
Futures for the S&P 500 were down 2.2% on Monday. A decline of more than 1.3% at the close of trading Monday would push the index into bear market territory, defined as a 20% loss from a recent high. Contracts for the technology-focused Nasdaq-100, which entered bear market territory in March, were down 2.8%. Futures for the Dow Jones Industrial Average fell 2%.