U.S. stock-index futures fell Monday after the World Bank cut its China growth view and investors fretted over Europe’s regional-debt trouble ahead of a meeting of euro-zone finance ministers.
Futures for the Dow Jones Industrial Average fell 44 points, or 0.3%, to 13,492, while those for the Standard & Poor’s 500 index fell 5.3 points, or 0.4%, to 1,450.20.
Futures for the Nasdaq-100 index fell 14.5 points, or 0.5%, to 2,789.75.
Asia stocks lost ground overnight, led by resource companies, as the World Bank revised lower its forecasts for East Asian economic growth, saying the European crisis is posing a major threat. It cut China’s growth forecast, to a projected 7.7% for 2012 from an estimate of 8.2% in May. See: World Bank: Europe crisis poses major Asia threat.
The concerns about a global economic slowdown had the price of oil falling, with crude-oil futures for November delivery down $1.36 to $88.52 a barrel on the New York Mercantile Exchange.
Wall Street also took a cautious tone ahead of the start of quarterly earnings, with aluminum producer and Dow component Alcoa Inc. reporting results for the third quarter after Tuesday’s close.
Multinationals including shipper FedEx Corp. and equipment maker Caterpillar Inc. have recently issued profit warnings, citing softness in Europe and China.
Euro-zone finance ministers readied to meet Monday in Luxembourg amid concerns over Greece’s next aid payment and whether Spain would request a financial rescue.
There are no U.S. economic reports slated for release Monday with state and federal offices closed for Columbus Day.
Marketwatch
