All three benchmarks are firmly in the red before the open
Stock futures are looking to extend Friday's massive selloff, as investors continue to grapple with Friday's hawkish comments from U.S. Federal Reserve Chairman Jerome Powell. Dow Jones Industrial Average (DJI) futures are down 227 points before the open, while futures on the Nasdaq Composite (IXIC) are down triple digits as well, and S&P 500 Index (SPX) futures sit more modestly in the red. Meanwhile, Bitcoin (BTC) slipped below $20,000, as traders dump the riskier asset after Powell's comments.
Continue reading for more on today's market, including:

5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.40 million call contracts traded on Thursday, and over 1.06 million put contracts. The single-session equity put/call ratio rose to 0.76, and the 21-day moving average stayed at 0.67.
- Netflix Inc (NASDAQ:NFLX) is in the spotlight this morning, after Bloomberg reported that the streaming giant is considering charging $7 to $9 per month for its ad-supported service, will which will debut soon. The current ad-free subscription is $15.49 per month. NFLX is down 0.9% premarket, while sporting a 62.9% year-to-date deficit.
- Keybanc downgraded Dow Inc (NYSE:DOW) to "underweight" from "sector weight," as the firm expects continued downside in U.S. polyethylene (PE) prices. The stock is down 2.1% in electronic trading, and if these losses hold, DOW will dip below the $54 level, which has been a firm level of support for the last couple of weeks.
- Pinduoduo Inc (NASDAQ:PDD) is up 12.2% before the bell, after the China-based e-commerce name's second-quarter results beat Wall Streets' estimates. Improved consumer sentiment contributed to the company's strong results. Year-over-year, PDD remains down 39.9%, though.
- There is no economic data of note today, though this week will bring plenty.

U.S. Fed Comments Still in Focus Overseas
Asian markets fell mostly lower on Monday as investors continued to digest U.S. Federal Reserve Chairman Jerome Powell’s Jackson Hole comments, which included the promise of even more rate hikes. The Shanghai Composite in China was the only gainer, adding 0.1%, despite Goldman Sachs’ predictions that the country’s Purchasing Managers’ Index (PMI) would see a contraction in August. Elsewhere in the region, the Hong Kong Hang Seng shed 0.7%, the South Korean Kospi fell 2.2%, and the Japanese Nikkei lost 2.7%.
In Europe, market action is also somewhat gloomy amid fears of more rate hikes over in the U.S. Investors are also looking ahead to key inflation data in Germany later this afternoon. At last check, the French CAC 40 is 1.5% lower, while the German DAX has shed a little over 1%. The London FTSE 100, meanwhile, is closed for holiday.