Dow futures drop 300 points as Wall Street set to extend last week's sharp losses

The overnight action in futures market followed a big pullback last week.

The overnight action in futures markets followed a big pullback last week triggered by rising fears of a resurgence in the virus as well as investors' profit-taking after the massive comeback.

"The meltup may need to take a break, as sentiment has turned too bullish too rapidly," Ed Yardeni, president and chief investment strategist at Yardeni Research, said in a note on Sunday. "Now that reopening is happening, there's fear of suboptimal results: less social distancing triggering a second wave of the virus, followed by another round of lockdowns.

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