US Futures, Asian Shares Slip as Wall Street Retreats, Oil Prices Fall

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U.S. futures and Asian shares declined on Monday, following a retreat on Wall Street. Oil prices fell more than $2 per barrel, while gold and silver prices saw volatility after plunging on Friday. The Kospi in South Korea tumbled 4.6% as major tech companies were impacted by worries over a potential bubble in the artificial intelligence craze. Other regional benchmarks also retreated, with Hong Kong's Hang Seng dropping 2% and the Shanghai Composite sinking 1.1%.

Why it matters

The decline in U.S. futures and Asian shares reflects broader market jitters, with investors closely watching the implications of President Trump's new nominee to lead the Federal Reserve, Kevin Warsh, and what it could mean for interest rates. The volatility in precious metal prices and the tech-driven sell-off in South Korea's Kospi index highlight the uncertainty and potential risks facing global financial markets.

The details

U.S. benchmark crude oil lost $2.80 to $62.41 per barrel, while Brent crude fell $3 to $66.32 per barrel. The drop in oil prices came after President Trump said Iran should negotiate a 'satisfactory' deal to prevent the country from obtaining nuclear weapons, which apparently assuaged some concerns over potential supply disruptions. In the stock market, the future for the S&P 500 sank 0.9%, while the future for the Dow Jones Industrial Average fell 0.5%. Major tech companies in South Korea, such as Samsung Electronics and SK Hynix, were hit hard, with the Kospi tumbling 4.6% amid worries over a potential bubble in the artificial intelligence craze.

• U.S. futures and Asian shares declined on Monday, February 2, 2026.

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