Stock futures tumble as recession fears fuel calls for interest rate cut

Stock futures plummeted on Monday as markets worldwide reckoned with a disappointing jobs report last week that fueled concern of a possible recession.

Each of the major stock indexes fell more than 2% in pre-market trading on Monday. The tech-heavy Nasdaq dropped nearly 6%.

The market downturn triggered calls for a large interest rate cut at the Federal Reserve's next meeting in September. Some investors voiced an even more urgent request for a rare emergency rate cut as soon as this week.

Japan's main Nikkei 225 stock index dropped more than 12% on Monday, its worst day of trading since 1987.

In pre-market U.S. trading, chipmaker Nvidia plunged more than 13%. Apple fell more than 10%.

"Investors are feeling massive pain globally," Dan Ives, a managing director of equity research at investment firm Wedbush, said in a note to clients. U.S. markets, he added, are "trading heavy in the red across the board."

This is a developing story. Please check back for updates.