By Oliver Gray – U.S. stock futures eased in overnight trading Monday, with markets remaining closed for a public holiday after suffering heavy losses in the previous week as investors braced for further tightening of monetary policies from the U.S. Federal Reserve and rising chances of an economic downturn.

By 6:40pm ET (10:40pm GMT) Dow Jones Futures, S&P 500 Futures and Nasdaq 100 Futures were each trading 0.1% lower.

Ahead in the week, market participants will be closely following Fed Chair Jerome Powell’s testimony before Congress Wednesday and Thursday. In addition, new home sales data is slated for release on Tuesday, while existing home sales is due Thursday alongside preliminary services and manufacturing PMI prints.

Last week, the Dow Jones Industrial Average slid 4.8%, the S&P 500 dropped 5.8%, posting its biggest weekly loss since March 2020 and the NASDAQ Composite slipped 4.8%, down 33% from its record high.

Meanwhile, cryptocurrencies recovered slightly after Bitcoin fell to a new 2022 low over the weekend.

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