Fears of a recession and a government shutdown cause US stock futures to decline following the Wall Street meltdown.

Following sharp drops on Wall Street, U.S. stock index futures sank Monday night as investors assessed the likelihood of a recession brought on by President Donald Trump's tariff policy.

By 20:02 ET (00:02 GMT), the Nasdaq 100 Futures declined 0.8% to 19,306.0 points, while the S&P 500 Futures slid 0.5% to 5,595.0 points. At 41,965.0 points, Dow Jones Futures remained mostly unchanged.

Significant losses in large technology businesses were the main cause of Monday's sharp drops in stock markets, which saw the S&P 500 drop 2.7%, the Dow Jones Industrial Average drop 2%, and the NASDAQ Composite plummet 4%. If a temporary financing bill is not passed by Congress by the fiscal deadline on March 14, the government may shut down.

Market players are now anxiously awaiting the important consumer price inflation report, which is due on Wednesday and will offer important information before to the Federal Reserve's interest rate decision the following week.