07:12 AM EDT, 08/05/2024 (MT Newswires) -- The benchmark US stock measures fell before Monday's opening bell as fears of an economic recession intensified and sparked a sell-off across asset classes.

Standard & Poor's 500 dropped 2.7%, the Dow Jones Industrial Average declined 1.8% and the Nasdaq fell 4.2% in premarket activity. Asian and European exchanges were tracking in the red.

The Bureau of Labor Statistics on Friday reported a weaker-than-expected jobs report for July, stoking concerns about a recession.

Before the open, bitcoin slumped 13% to $51,393, West Texas Intermediate crude oil decreased nearly 2% to $72.06 a barrel, yields on 10-year Treasuries slid 6.1 basis points to 3.73% and gold moved down 0.3% to $2,462 an ounce.

Shares of Tesla (TSLA) sunk 7.7% pre-bell while Nvidia ( NVDA ) plummeted about 10%. Amazon.com ( AMZN ) declined 5.7%, while Apple ( AAPL ) dropped 8.9% after Warren Buffett's Berkshire Hathaway (BRK.A, BRK.B) sold nearly half of its stake in the iPhone maker during the second quarter.

Tyson Foods ( TSN ) , BioNTech (BNTX), Carlyle Group ( CG ) , Freshpet ( FRPT ) , Krystal Biotech ( KRYS ) and Treehouse Foods ( THS ) report their latest quarterly results before the bell, among others. CSX (CSX), Palantir Technologies ( PLTR ) and Diamondback Energy ( FANG ) post earnings after market close.

On the economic calendar, the July purchasing managers' index composite final report from S&P Global is out at 9:45 am ET, followed by the ISM Services gauge for the same month at 10 am.

Federal Reserve Bank of San Francisco President Mary Daly is scheduled to speak at 5 pm.