Dow futures slide more than 250 points as market worries mount

The Dow DJIA, -1.48% dropped more than 500 points, or 1.5%, on Friday, and the S&P 500 SPX, -1.03% and Nasdaq Composite COMP, -0.07% following it lower. For the week, the Dow lost 1.7%, the S&P 500 dropped 1.9% and the Nasdaq tumbled 3%.

Last week’s losses came as investors weighed the U.S. Federal Reserve’s hawkish pivot, speeding up its reduction of monthly bond purchases and predicting three interest-rate hikes next year.

On Sunday, President Joe Biden’s signature $2 trillion spending plan appeared doomed as Sen. Joe Manchin, D-W.Va., said he cannot support it — potentially handing Biden and Democrats a major political loss.

Meanwhile, new COVID-19 cases are growing sharply in many parts of the world, fueled by the rapid spread of omicron. Dr. Anthony Fauci said Sunday that he expects record cases of COVID-19 this winter, and urged people to get vaccinated and get boosters.

Wall Street has a shortened week coming up, with markets closed Friday for the Christmas holiday.