Dow Jones Industrial Average futures pointed to a slightly negative start for Monday’s open after all three major U.S. indexes closed in correction territory for the first time since March 2016 in the prior trading session.
Dow futures were down 17.00 points, implying a loss of 18.51 points at the open on Monday stateside, as of 3:28 a.m. ET. S&P 500 and Nasdaq futures also pointed to a lower open for the two indexes.
Recent economic data have reignited worries of economic slowdown around the globe and kept a lid on stock returns. The Dow fell nearly 500 points and the S&P 500 closed down 1.9 percent on Friday to 2,599.95 — its lowest closing level since April — after China reported industrial output and retail sales growth numbers for November that missed expectations.
The latest economic data offered yet another hint that Beijing’s economy may be decelerating amid rising trade risks as President Xi Jinping tries to broker a permanent truce with President Donald Trump. The two nations have slapped tariffs on billions of dollars worth of goods over the past year as disagreements over the handling of intellectual property and a yawning trade deficit pit the world’s two largest economies against each other.
Investors are also on edge ahead of the December meeting of the Federal Reserve’s policymaking arm. The Federal Open Market Committee is expected to hike its benchmark overnight lending rate for a fourth and final time of 2018 this week. While fears of rising interest rates and an ambitious Fed have spooked markets throughout 2018, such concerns have evolved over the past month as inflation and growth expectations recede.
