Oil prices sank Sunday while U.S. stock futures declined after the S&P 500 notched its longest winning streak in more than 20 years last week.

Dow Jones Industrial Average futures were down around 284 points, or 0.7%, as of 10.15 p.m. Eastern. S&P 500 futures fell 0.8%, and Nasdaq-100 futures were off about 0.9%. US President Donald Trump said he had no plans to talk to his Chinese counterpart this week.

Big tech stocks dropped in overnight trading. Netflix, Amazon, Meta, Microsoft, and Apple fell about 1%.

Crude prices dropped about 4%, near $56 a barrel, late Sunday after OPEC+ on Saturday agreed to ramp up output in June for a second straight month. The additional production of 411,000 barrels a day — after a similar hike in May — is seen as a punishment for overproduction by nations such as Iraq and Kazakhstan that had sent crude prices sharply lower, as well as appeasing President Donald Trump ahead of his upcoming trip to Saudi Arabia, Qatar and the UAE. June West Texas Intermediate crude fell 7.5% last week, the biggest weekly drop since the week ending April 4, according to Dow Jones Market Data. U.S. benchmark oil prices fell 18.6% in April — their biggest monthly loss since November 2021.

Investors will be looking toward Fed Chair Jerome Powell’s remarks Wednesday, following a two-day meeting of the Fed’s rate-setting committee. While the Fed is not expected to cut interest rates — much to the chagrin of Trump and many investors — ears will be perked for clues from Powell about if and when cuts may occur later this year. The CME FedWatch tool is still pricing in three rate cuts by the end of 2025.

A gauge of Asian currencies rose with the Taiwan dollar jumping 4%, the most since 1988, and the Malaysian ringgit rising 1% to the highest since October.