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Futures down: Dow 1.54%, S&P 500 2.19%, Nasdaq 3.47%

Aug 5 (Reuters) -

U.S. stock index futures tumbled on Monday, with those tied

to the Nasdaq falling nearly 4%, as fears of the United States

slipping into a recession rippled through global markets.

Stock markets from Asia to Europe took a beating and

bond yields slid as investors rushed to safe-haven assets and

investors bet the US Federal Reserve would need to cut interest

rates quickly to spur growth.

All megacap and growth stocks, the main drivers for the

indexes hitting record highs earlier this year, fell sharply in

premarket trading.

Apple Inc ( AAPL ) slumped 7.3% after Berkshire Hathaway ( BRK/A )

slashed its stake

in the iPhone maker by almost 50%, suggesting that the

billionaire investor is growing wary about the broader U.S.

economy or stock market valuations that have gotten too high.

Nvidia ( NVDA ) fell 6.8% after reports of a delay in the

launch of its upcoming artificial-intelligence chips due to

design flaws.

At 4:33 a.m. ET, Dow e-minis were down 613 points,

or 1.54%, S&P 500 e-minis were down 117.5 points, or

2.19%, and Nasdaq 100 e-minis were down 644.75 points,

or 3.47%.

A weak jobs report and shrinking manufacturing activity in

the world's largest economy, coupled with dismal forecast from

the big technology firms, pushed the Nasdaq 100 and

Nasdaq Composite into a correction last week.

The weak jobs data also triggered what is known as the "Sahm

Rule," seen by many as a historically accurate recession

indicator.

The data prompted traders to assign a 91.5% probability that

the U.S. central bank will cut the benchmark rates by 50 basis

points in the September meeting and see year-end rates at

4-4.25% from the current 5.25%-5.50%, according to CME's

FedWatch Tool.

Big Wall Street brokerages also revised their Fed rate

projections for 2024 to show greater policy easing by the

central bank.

"I am reluctant to believe the Fed would start the easing

process with a 50 bps cut, but if the next seven weeks of data

are consistent with this week's, the Fed should be aggressive,"

said Ronald Temple, chief market strategist at Lazard.

A slew of Fed officials will be speaking on the economy and

monetary policy through the week and any indication on the

interest rate cuts could soothe the frayed nerves of investors.

Chicago Fed President Austan Goolsbee is scheduled for 8:30

a.m. ET and San Francisco Fed President Mary Daly after the

bell.

Futures tracking small-cap index Rusell 2000 dipped

3.7%.

The CBOE Volatility index, also known as Wall

Street's "fear gauge," breached its long-term average level of

20 points last week and was currently at 35.19, highest since

May 2022.

Crypto-linked stocks fell after Bitcoin hit its

lowest in five months. Coinbase Global ( COIN ) was down 9.9%,

U.S.-listed shares of Bitfarms fell 10.1%,

Microstrategy slid 12.8% and Riot Platforms ( RIOT ) was down

9.8%.

(Reporting by Shubham Batra in Bengaluru; Editing by Saumyadeb

Chakrabarty)