ASX 200 futures point to a 0.9% dive when the local bourse rings the opening bell as Australian shares prepare to follow slumping U.S. markets lower.

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While Monday proved a minor respite from all the red trends, Trump’s failure to dispel recession concerns has left Wall Street “gripped by fear” to start the week – and that’s quickly led to one of the year’s worst trade days already.

The S&P 500 has lost more than 2.9% through Monday; its worst day of the year.

The Nasdaq composite meanwhile has been blitzed -4.3% lower, very nearly clocking up its worst one-day performance since COVID-19 started in 2020.

While Trump has blamed his “Biden inheritance,” many are pointing to the shadow of the tariffs as one factor in the panic; the President’s recession comments the other.

Tom Essaye, author of The Sevens Report, has tipped traders to “hole up” from today.

Back home, the never-ending Star Entertainment (ASX:SGR) saga seems to be winding towards the casino operator surviving: Overnight, the beleaguered company found a new party it hasn’t named that will “save it with a $750M refinancing package.” (The Financial Review has since reported it’s the Salter Brothers stepping in.)

Vista Group International (ASX:VGL) has landed a huge win, inking a five-year deal with Odeon Cinemas to bring its cloud offering to as many as 2,400 new screens.

Elsewhere, Seven West Media (ASX:SWM) is embroiled in negotiations for a $6M deal with conservative Australian Digital Holdings after ADH bought numerous regional TV stations from Southern Cross (ASX:SXL) last month.

In WA, we’re seeing the fallout of the Liberals losing the state election early this week, with a messy leadership battle seemingly all but certain. Only Federal Liberals are keeping it all at bay in a bid to keep Peter Dutton’s May campaign strong.

Westpac will release its March consumer confidence report today, at 10.30am in Sydney. NAB will share similar stats – but regarding business confidence – an hour later.

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Looking at forex, the Aussie dollar is buying 62.7 US cents.

To commodities, which are in the greenback,

Iron Ore has settled at exactly $100 a tonne in Singapore,

Brent Crude is trading at $69.19,

Gold is trading at $2,899 per ounce, and, 

US natgas futures are at $4.46 per gigajoule.

That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.