Stock futures fall after major averages show more losses to start the week.

Stock futures went down Tuesday morning after the Bank of Japan said it would change its yield target range.

Futures linked to the Dow Jones Industrial Average fell by 236 points, or 0.72 percent. Both S&P 500 futures and Nasdaq 100 futures fell by 0.86 and 1.05 percent, respectively.

During regular trading on Monday, the Dow lost more than 162 points, or about 0.5%. The S&P 500 lost 0.9%, and the Nasdaq Composite lost nearly 1.5%. Stocks are likely to end the month and the year in the red, and investors' hopes for a Santa Claus rally are fading fast.

"There's still no sign of Santa. "Harness up," said Louis Navellier, who started the growth investing firm Navellier & Associates. "One would like to think all the bad news is out. There are no more Fed moves until at least February. We're not getting worse, but we're also not making up for last week's losses."

Investors worried that the Federal Reserve could tip the economy into a recession. Last week, the central bank raised its benchmark interest rate by 50 basis points, and policymakers said the final rate could go up to 5.1%.

Other hawkish central banks, like the European Central Bank, put more pressure on traders. For example, last week the European Central Bank raised rates and said it expected more rate hikes in the future.

"More than 90% of central banks have raised interest rates this year, which is an unprecedented (mostly global) coordinated effort," said Lawrence Gillum, a fixed income strategist at LPL Financial. "There's good news? We think we're getting close to the end of these rate-hiking cycles, which could make the headwinds we've seen on global financial markets this year less strong.

This week, a few big companies will report their quarterly results before the Christmas holiday. General Mills will report before the bell on Tuesday. Nike and FedEx are due to report after the bell.

In terms of economic data, housing starts data for November are due Tuesday morning. This week will give us a lot of information about the housing industry. The sales numbers for existing homes and new homes will be released on Wednesday and Friday, respectively.

The Fed likes to use the personal consumption expenditures report for November as a measure of inflation. The report is due on Friday.