(Reuters) - Futures tied to the S&P 500 fell further on Monday and were down more than 20% from their all-time highs, putting the benchmark on course to confirm a bear market as recession fears hammered global markets.

U.S. President Donald Trump said on Sunday that investors would have to take their "medicine" when he was asked about markets, adding that he was not intentionally engineering a market selloff. Trump also said he would not make a deal unless the trade deficit with China is solved.

At 04:20 a.m. ET, S&P 500 E-minis were down 166 points, or 3.25% on the day, off more than 20% from its all-time high hit back in December.

Dow E-minis future were also down 1,162 points, or 3.02%, while Nasdaq 100 E-minis were down 639.75 points, or 3.65%.

(Reporting by Shashwat Chauhan in Bengaluru)