US stock futures tumbled Monday as the global stock selloff deepened, driven by fears that the Federal Reserve is moving too late to support a slowing economy.

Nasdaq 100 futures fell sharply by 3.3% after the index entered a technical correction on Friday. S&P 500 contracts dropped more than 2.1%. Europe’s Stoxx 600 benchmark declined over 2.2%, marking its largest three-day drop since June 2022.

In Japan, the Topix and Nikkei indexes both plunged over 12%. Taiwan’s benchmark had its worst day on record, while a broader gauge of Asian shares experienced its steepest decline in over four years. The yen surged more than 2.7% against the dollar.