us stock futures were signalling losses for wall street on monday as investors juggled concerns over the pace of federal reserve rate hikes with news of more lockdowns in china as covid cases rise on friday the dow industrials djia shed about 981 points or 28 to 3381140 marking its worst daily percentage drop since oct 28 2020 according to dow jones market data the index declined 1019 points at its session low the sp 500 index spx slid 28 to end at 427178 and the nasdaq composite index comp tumbled 26 at 1283929 for the week the dow was down 19 the sp 500 fell 28 and the nasdaq dropped 38 according to factset following the weekend meltdown stock futures began tumbling on sunday evening as news of fresh lockdowns in china over the spread of covid 19 adding to the plate of already jittery investors beijing began testing millions of resident and shutting down business districts and some residential areas amid a spike in covid cases millions in shanghai remain under restrictions as that financial hub has struggled with rising infections “more lockdowns reduce demand for commodities in the shortterm which is an easing factor for commodity inflation but lockdowns also create bottlenecks in the world’s factory which causes more delays and potentially inflation in consumer markets in the us and europe” strategists at saxo bank told clients in a note china’s csi 300 000300 slumped 49 to 3814 its weakest close since april 2020 while a host of commodities were also hit hard steel and iron ore futures tumbled in asia and us and brent crude prices were down over 4 each investors piled into bonds with the yield on the 10year treasury note tmubmusd10y dropping 8 basis points to 2821 and the ice dollar index dxy  up 029 which helped push gold gc00 down 08 to 1918 an ounce markest are facing a busy week on the economic front as the fed is now in a blackout period ahead of the may 34 federal open market committee meeting the march core personal consumption expenditures price index the central bank’s favored inflation indicator is due friday the data calendar is empty for monday wall street is also bracing for a busy earnings week with quarterly reports due from apple aapl  facebook parent meta platforms inc fb  google parent alphabet inc googl  amazoncom inc amzn and microsoft corp msft  among others “as technology companies are the biggest constituents in the main indices it crucial how these companies perform on earnings this week but also that they can demonstrate less impact from inflation” added saxo strategists investors will also keep an eye on twitter inc twtr  which reports earnings thursday and on sunday was reported to be reevaluating elon musk’s takeover bid european stocks also tumbled monday getting no lift from news french president emmanuel macron was elected for a second term defeating farright challenger marine le pen war in ukraine russia is failing in its war aims says us sec of state blinken after meeting zelensky