U.S. stock futures dropped sharply on Monday, continuing last week’s selloff driven by growing concerns about an economic downturn in the U.S. Last week, the Dow fell 2.1%, ending a four-week winning streak. The S&P 500 and Nasdaq Composite also declined by 2.06% and 3.35% respectively, with both indices down for the third consecutive week. The tech-heavy Nasdaq Composite has dropped more than 10% from its record high set last month, entering correction territory.

On Friday, data showed that the U.S. economy added far fewer jobs in July than expected, heightening fears that the Federal Reserve might be too late in cutting interest rates, as the economy may already be entering a recession. Investors are now awaiting U.S. services PMI data and a speech by San Francisco Fed President Mary Daly on Monday for further insights.

On the corporate front, markets will be closely watching Apple after Warren Buffett’s Berkshire Hathaway sold nearly half of its stake in the iPhone maker.