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U.S. equity futures fell on Monday as surging interest rates and foreign currency turmoil threatened to push the S&P 500 to a new closing low for the year.

Dow Jones Industrial Average futures fell 241 points, or 0.8%. S&P 500 futures shed 0.8%. Nasdaq 100 futures lost 0.6%.

The British pound dropped to a record low on Monday against the U.S. dollar. Sterling at one point fell 4% to an all-time low of $1.0382. The Federal Reserve’s aggressive hiking campaign, coupled with U.K.’s tax cuts announced last week has caused the U.S. dollar to surge. The euro hit the lowest vs. the dollar since 2002. A surging greenback can hurt the profits of U.S. multinationals and also wreak havoc on global trade, with so much of it transacted in dollars.

U.S. stock futures fell Thursday, the first day of September, as traders continued to fret over the potential for higher Federal Reserve rates.

Dow Jones Industrial Average futures fell by 187 points, or 0.6%. S&P 500 and Nasdaq 100 futures declined 0.7% and 1.1%, respectively.

Nvidia shares contributed to the losses, falling more than 5% after the chipmaker said the U.S. government is restricting some sales in China.

Those moves follow four straight days of losses in the major averages. On Wednesday, the final day of August, the Dow slid nearly 0.9%. The S&P 500 lost about 0.8%, and the Nasdaq Composite fell roughly 0.6%.

The Dow closed the month down about 4.1%, while the S&P and Nasdaq recorded losses of 4.2% and 4.6%, respectively.

Investors are debating whether stocks will again challenge the June lows in September, a historically poor month for markets, after weighing recent hawkish comments from Fed officials who show no signs of easing up on interest rate hikes.