US pre-open: Futures in the red as China data disappoints
Wall Street futures were in the red before the opening bell on Monday as market participants digested disappointing data out of China ahead of a big week for retail earnings.
As of 1205 BST, Dow Jones futures were down 0.52%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.55% and 0.41% lower, respectively.
The Dow closed 424.38 points higher on Friday following some positive inflation data earlier in the week.
This week's focus will be on retailers, with earnings from the likes of Home Depot, Walmart, and Target all scheduled for release later in the week, and July retail sales data set for publication on Wednesday.
Headlines out of China were also drawing an amount of investor attention early on Monday, with China's central bank unexpectedly cutting a major interest rate in an attempt to bolster an economy that has struggled to grow amid repeated Covid-19 lockdowns and a property downturn.
The People's Bank of China trimmed its medium-term lending rate by 10 basis points to 2.75%, while official data also showed consumer and factory activity was weaker than forecast as the pace of the country's economic recovery continued to be sluggish.
On the US macro front, August's NY Empire State manufacturing index will be published at 1330 BST, while this month's NAHB housing market index will follow at 1500 BST.
No major corporate earnings were slated for release on Monday.
Reporting by Iain Gilbert at Sharecast.com