US stock futures fall as investors wait for cues to shake off China gloom
New York (Sept 28) US stock futures tracked European markets lower on Monday as investors continued to fret over slowing economic growth in China.
A raft of U.S. data and speeches from several Federal Reserve members also kept traders on edge ahead of the open.
Futures for the Dow Jones Industrial Average YMZ5, -0.67% fell 76 points, or 0.5%, to 16,126, while those for the S&P 500 ESZ5, -0.66% lost 9.2 points, or 0.5%, to 1,910.
Futures for the Nasdaq-100 index NQZ5, -0.70% dropped 22 points, or 0.5%, to 4,190. They were weighed by the U.S.-listed shares of Vodafone Group PLC VOD, +0.31% which slid 2.9% premarket after the telecom company ended talks with Liberty Global about an asset swap.
The benchmarks moved lower in early trading after another weak data report from China on Monday. The country’s industrial profits in August fell 8.8% from a year ago, underscoring concerns that growth in the world’s second-largest economy is slowing faster than expected.
European markets also dropped, with the Stoxx Europe 600 index SXXP, -1.50% off 1.2%, while Asian markets closed mixed.
Data and Fed speakers: A packed data calendar on Monday could help gauge the impact of China’s slowing on the U.S. economy.
A reading on core inflation for August is due at 8:30 a.m. Eastern Time. It is forecast to come in at 0.1%, according to economists polled by MarketWatch. At the same time, reports on consumer spending and personal income are on tap, expected to show a rise in August of 0.3% and 0.4%, respectively.
Pending home sales figures for August come out at 10 a.m. Eastern.
There is also hefty lineup of Fed speakers. Chicago Fed President Charles Evans set to give a speech on monetary policy at Marquette University Business Leaders Forum in Milwaukee, Wisconsin, at 1 p.m. Eastern. Evans is a voting member of the Fed’s policy-setting committee this year.
San Francisco Fed President John Williams, also a voting member, is due to talk about the economic outlook at the UCLA Anderson Forecast Center in Los Angeles at 5 p.m. Eastern.
Earlier on Monday, Fed Gov. Daniel Tarullo gave a speech on capital regulation across financial intermediaries at a Bank of France conference.
Movers and shakers: Shares of Alcoa Inc. AA, +5.84% jumped 4.8% premarket after the aluminum producer said it plans to split into two separate publicly listed companies.
Comcast Corp. CMCS, +166.98% added 2.8% after saying it would buy a 51% stake in Universal Studios Japan for $1.5 billion.
U.S.-listed shares of Royal Dutch Shell RDS.B, +0.11% slipped 0.7% ahead of the open after the oil giant said it would cease exploration activity near Alaska.
U.S.-listed shares of Novo Nordisk AS NVO, -0.18% climbed 5.2% ahead of the bell after the Food and Drug Administration approved the Danish drug maker’s long-acting Tresiba insulin product.
Shares of Kellogg Co. K, +1.50% could be active after the company said it is buying Egypt’s Mass Food Group for about $50 million.
Nike Inc. NKE, -0.68% slipped 1% premarket after scoring a record close on Friday.
Other markets: Metals prices GCZ5, -1.30% dropped across the board, while crude oil CLX5, -2.19% shaved off almost 2%.
The dollar DXY, +0.12% traded mixed against other major currencies.