U.S. stock futures are lower, extending the downward momentum from last Friday, ahead of a still-busy week of earnings and an upcoming summit of central bankers in Jackson Hole, Wyoming to discuss monetary policy, inflation, and interest rates. Federal Reserve Chairman Jerome Powell will perform with the keynote address at the annual Jackson Hole Symposium on the coming Friday.

The major U.S. averages finished the last week on a lackluster note, with the S&P 500 Index snapping a four-week winning streak and ending down 1.2% for the week at 4,228.5. However, despite the recent attempt of a broad rebound on generally positive earnings reports, the S&P 500 was unable to close above its 200-day moving average.

At the time of writing, cryptocurrencies are following stocks lower, with the price of Bitcoin (BTCUSD) down 1.5%.

Commoditywise, crude oil prices fell about 4% for the day on concerns an economic slowdown could hurt fuel demand. After three days of gains, WTI crude is now at $86.60 per barrel, while Brent crude oil is at $92.50/bbl at the time of writing. Natural gas prices – both in Europe and the U.S. – shot higher on worries of a prolonged shutdown of a gas pipeline in Europe by Russia.

Elsewhere, European stocks are also declining amid worries about the impact of global interest rate hikes. The Pan European Europe Stoxx 600 index is trading down about 0.9% as of 4:20 p.m. CET. Both French CAC 40 Index and German DAX shed around 2% while the British FTSE 100 eased by just 0.21%. The euro profoundly slid back below parity with the U.S. dollar as concerns rose about the health of the European economies. The currency briefly fell below parity in July for the first time in 20 years.

In Asia, stocks were mostly lower as well this morning as China cut another key lending rate. The Shanghai Composite was higher by 0.6%, while the Hang Seng Index lost 0.6%. In Japan, the Nikkei slid by 0.5%.