S&P 500 futures traded around the flatline early Tuesday after concerns that a recession would hit the U.S. economy sparked a broad sell-off on Monday.

Futures tied to the Dow Jones Industrial Average reversed earlier losses to increase 0.2%, or by 85 points, while S&P 500 futures rose by 3 points, or 0.05%.

Nasdaq-100 futures remained in the red, however, dropping 0.15%, albeit off earlier lows.

In after-hours action, shares of Delta Air Lines tumbled about 11% after the carrier slashed its profit and sales forecast for the current quarter due to weaker demand for U.S. travel.

Stocks sank during Monday’s session, extending losses after the S&P 500 posted three consecutive negative weeks. The Nasdaq Composite saw its worst day since September 2022. Meanwhile, the 30-stock Dow, which lost nearly 900 points, closed below its 200-day moving average for the first time since Nov. 1, 2023.

“This is starting to feel like a capitulation in the market,” Anastasia Amoroso, chief investment strategist at iCapital, said on CNBC’s “Closing Bell” on Monday. “We’ve been waiting for the market to, on a broad basis, hit oversold levels, and I think we’re going to get there today. If not today, most likely this week.”

The moves lower come as anxiety over an impending recession rose on Wall Street. When asked about the possibility of a recession, President Donald Trump said during a Fox News interview that aired on Sunday that the economy was going through “a period of transition.” The remarks arrived after  Treasury Secretary Scott Bessent told CNBC on Friday that there could be a “detox period” for the economy as the Trump administration slashes federal spending.

Goldman Sachs also recently cut its economic growth outlook due to the potential effects of Trump’s tariff policy.

When it comes to the chances of a recession hitting, Amoroso thinks fears are overblown.

“Why do we have a recession all of a sudden? What indicators actually point to a recession?” she continued. “We have a relatively strong payrolls report. We have consumer spending that is still pacing 3% or 4%, so I don’t actually see the reasons to fear a recession at this very moment.”

Investors are eagerly awaiting economic reports due later in the week. Job openings data will be out on Tuesday. That is followed by February’s reading of the consumer price index on Wednesday morning and that month’s data for the producer price index on Thursday.