U.S. stock markets appeared poised for a second weak day Wednesday as futures Tuesday evening indicated that investors still are nursing a hangover after last week's four-day rally.
The Dow Jones Industrial Average drooped 0.72%, the S&P 500 0.57% and Nasdaq 0.49% as of 9:05 p.m. EDT as investors once again worried about how the U.K.'s surprise exit from the EU would hit their portfolios.
After the three-day Independence Day holiday weekend, U.S. investors grew nervous as three U.K. property funds suspended withdrawals over Brexit concerns. On top of the funds' decisions, the pound wilted to a 31-year low against the dollar and oil slipped 4.9% during the day Tuesday, adding to investor woes.
A pound was worth $1.2933 as of 9:24 p.m. EDT after U.K. property funds M&G Investments, Standard Life Investments and Aviva Investors said they would stop investors from making redemptions. Investors are reacting to predictions that the Brexit could impact home buying in the U.K. and are pulling their money out of property-related investments.
The lower futures follow similar readings for the indices Tuesday. The Dow closed 0.61% lower and the S&P lost 0.68%, while the Nasdaq trimmed 0.82%.
The U.S. wasn't the only weak market Tuesday, though. In London, the more internationally focused FTSE 100 gained throughout the afternoon to close 0.35% up, while the domestically focused FTSE 250 lost 2.37%. Germany's DAX benchmark slipped 1.8%.
Asian stock markets also started Wednesday with investors equally concerned. The Nikkei fell for a second day, paring 2.5% at 9:41 p.m. EDT, while the Hang Seng was down 1.3% in Hong Kong.
Commodities were part of the problem Tuesday with futures for a barrel of industry standard Brent crude with August delivery closing Tuesday $0.32 at $46.20 at 9:38 p.m. EDT. West Texas crude was off $0.10 at $46.50.
The lowering oil prices made the energy sector the worst performer Tuesday. Major oilers, including ExxonMobil (XOM - Get Report) , PetroChina (PTR - Get Report) , Total (TOT - Get Report) and Royal Dutch Shell (RDS.A - Get Report) , slipped and the Energy Select Sector SPDR ETF (XLE - Get Report) slid 2.5%.
Over in after-hours trading, electric automaker Tesla (TSLA - Get Report) slipped 1.2% to $211.40 after a report in the Detroit Free Press about a crash involving a Tesla in autopilot mode. An art dealer reportedly told police his 2016 Tesla Model X crashed and rolled on a Pennsylvania highway as the car drove itself. Both the dealer and his son survived.
The report comes a day after the National Highway Traffic Safety Administration confirmed earlier reports that an earlier-model Tesla in autopilot mode had failed to account for a truck turning into its path. The car slammed into the truck, killing its driver.