Dow futures drop as recession alarm bells jolt Wall Street awake from dreams of a gravity-defying economy

Finance·Wall StreetDow futures drop as recession alarm bells jolt Wall Street awake from dreams of a gravity-defying economyBy Jason MaBy Jason MaWeekend EditorJason MaWeekend EditorJason Ma is the weekend editor at Fortune, where he covers , the economy, finance, and housing.SEE FULL BIO Traders work on the floor of the New York Stock Exchange during afternoon trading Friday.Michael M

Santiago—Getty ImagesU.S. stocks were poised for more losses as futures on Sunday evening signaled another selloff after investors digested jobs data that up their notions of what previously looked a more resilient economy

Some analysts on Wall Street are warning that the U.S. is now on the brink of recession. were pointing toward another selloff Sunday evening after startling jobs data dered a rude awakening to Wall Street bulls

U.S. oil prices dropped 0.67% to $66.88 per barrel, and Brent crude fell 0.72% to $69.17, as OPEC+ announced another surge in duction

Combined with separate indicators showing deterioration in consumer spending, housing, and manufacturing, the overall picture is one of an economy “on the precipice of recession,” according to Mark Zandi from Moody’s Analytics

That ed a similar warning from economists at JPMorgan

Others had previously sounded the alarm on glaring red flags

But in the days leading up to the jobs report, some top ators were still trying to explain why doomsday predictions Trump’s “Liberation Day” tariffs had yet to materialize

On Thursday, former White House economic adviser Jason Furman attributed it in part to “tariff derangement syndrome.” And last Sunday, Rockefeller International Chair Ruchir Sharma said the negative effects of tariffs were ly being offset by other factors the AI spending splurge and lower inflationary pressure from housing, cars and energy

With Wall Street now more attuned to economic risks Trump’s trade war, the tariffs that will go into effect on Thursday may get more scrutiny

That includes steeper duties on trading partners Canada and Switzerland

Meanwhile, the calendar of economic reports thins out in the coming week after several big ones last week

On Tuesday, the trade deficit for June comes out, viding an on how much tariffs are impacting imports

On Thursday, second-quarter ductivity is due

Earnings season has passed its peak, but several top names will issue quarterly reports

Chip giant Advanced Micro Devices will report on Tuesday—potentially offering hints at Nvidia’s results, which don’t come out until Aug. 27

Other companies scheduled to release earnings in the coming week include Caterpillar, Disney, and McDonald’s

It will also be a busy time for pharmaceutical and bio giants Amgen, Pfizer, and Eli Lilly as Trump weighs steep tariffs on drugs

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