June S&P 500 futures (ESM23) are down -0.22%, and June Nasdaq 100 E-Mini futures (NQM23) are down -0.23% this morning after three major U.S. benchmark indices finished the regular session lower as a swathe of weak U.S. economic data heightened worries that the Federal Reserve’s rate hiking campaign might trigger a deep recession.
In Tuesday’s trading session, economically sensitive industrial stocks were the biggest drag on the market, with the sector’s bellwether, Caterpillar Inc (CAT), plunging over -5%. Financials also weighed on the broader market, pressured by a drop in bank stocks after JPMorgan Chase & Co (JPM) CEO Jamie Dimon warned in a letter to shareholders that the U.S. banking crisis is not over yet and that its impact will be felt ‘for years to come.’ In addition, energy stocks retreated, giving up some of Monday's gains as investor attention shifted to the impact of slowing global economic growth on crude demand.
