Traders work on the floor of the New York Stock Exchange on March 6, 2025.
NYSE
S&P 500 futures were relatively unchanged on Monday night after concerns that a recession would hit the U.S. economy sparked a broad sell-off in the market.
Futures tied to the S&P 500 hovered around the flatline, while Nasdaq-100 futures dropped 0.2%. Futures tied to the Dow Jones Industrial Average rose 22 points, or about 0.1%.
In after-hours action, shares of Delta Air Lines plunged about 12% after the carrier slashed its profit and sales forecast for the current quarter due to weaker demand for U.S. travel.
Stocks sank during Monday’s session, extending the S&P 500‘s sell-off into its fourth week. The Nasdaq Composite saw its worst day since September 2022. Meanwhile, the Dow Jones Industrial Average closed below its 200-day moving average for the first time since Nov. 1, 2023.
“This is starting to feel like a capitulation in the market,” Anastasia Amoroso, chief investment strategist at iCapital, said on CNBC’s “Closing Bell” on Monday. “We’ve been waiting for the market to, on a broad basis, hit oversold levels, and I think we’re going to get there today. If not today, most likely this week.”
The moves lower come as anxiety over an impending recession rose on Wall Street. When asked about the possibility of a recession, President Donald Trump said during a Fox News interview that aired on Sunday that the economy was going through “a period of transition.” The remarks arrived after Treasury Secretary Scott Bessent told CNBC Friday that there could be a “detox period” for the economy as the Trump administration slashes federal spending.
Goldman Sachs also recently cut its economic growth outlook due to the potential impact of Trump’s tariff policy.
When it comes to the chances of a recession hitting, Amoroso thinks fears are overblown.
“Why do we have a recession all of a sudden? What indicators actually point to a recession?” she continued. “We have a relatively strong payrolls report. We have consumer spending that is still pacing 3% or 4%, so I don’t actually see the reasons to fear a recession at this very moment.”
Investors are eagerly awaiting economic data releases later in the week. Job openings data is due on Tuesday. That’s followed by February’s reading of the consumer price index on Wednesday morning and that month’s data for the producer price index on Thursday.
Delta Air Lines, Oracle among the stocks making moves after hours
Here are some stocks making big moves in extended trading:
- Delta Air Lines — Shares of the airline operator slid about 14%. The company dialed back its forecast for the first quarter, citing “the recent reduction in consumer and corporate confidence caused by increased macro uncertainty.” Delta now sees year-over-year revenue growth of 3% to 4% for the period, down from a projected increase of 7% to 9%. The company also dialed back its earnings outlook to 30 cents to 50 cents per share, compared to an earlier forecast of 70 cents to $1 per share.
- Oracle — The cloud computing stock gained 3%. Oracle announced it was raising its quarterly dividend by 25% to 50 cents per share. Separately, fiscal third-quarter results missed Wall Street’s expectations on the top and bottom lines.
- Asana — Shares plunged more than 25% after CEO Dustin Moskovitz announced he is going to retire. The company also issued weak guidance. Asana expects first-quarter revenue of between $184.5 million and $186.5 million, below the $191 million analysts were expecting, according to LSEG. Meanwhile, the company anticipates full-year revenue will come in at $782 million to $790 million, while analysts had estimated $803.5 million.
Read here for the full list.
— Sean Conlon
