The flow of the equity market continued to move weakly, a week after the Federal Reserve (Fed) implemented its interest rate hike in an effort to curb the surge in inflation.
Capturing the situation last week, equities posted their biggest selling session at 3-month lows as concerns about rising interest rates and weak economic growth clouded broad market sentiment.
Due to these factors, Wall Street futures were flat, in line with the records during the closing session last Friday.
At the close the Dow Jones Industrial lost 1.6% at 29,590.4, the S&P 500 fell 1.7% at 3,693.2 and the Nasdaq Composite shed 1.7% at 10,867.9.
Wall Street's overall performance last week, during the FOMC meeting, saw the Dow Jones lose 3.8% while the S&P 500 lost 4.3% and the Nasdaq fell 4.4%.
Turning to the Asian equity market this morning, most of the major indices opened weak with widespread negative market sentiment contaminating buying activity.
Japan's Nikkei 225 fell 1.43% with the Topix down 1.31% while South Korea's Kospi lost 1.39% and the Nasdaq fell 1.51%.
Australia's S&P/ASX 200 index fell 0.5% and MSCI's broadest gauge of Asia Pacific shares outside Japan was down 0.44%.
On the other hand, the bond market saw the US 10-year rate jump to 3.691%, the highest level since February 2011.
In the meantime, one of the main focuses throughout this week which is a gauge for investors is the speech of Fed Chairman Jerome Powell along with several other officials and the President of the European Central Bank (ECB) Christine Lagarde.
