3 months ago
Stock Market

Stocks - U.S. Futures Fall Amid Fears of Slowing Global Growth

Investing.com – U.S. futures slumped on Friday, as investors worry about slowing economic growth in China and elsewhere. The

Investing.com – U.S. futures slumped on Friday, as investors worry about slowing economic growth in China and elsewhere.

The S&P 500 futures fell 22 points or 0.86% to 2,622.62 as of 6:40 AM ET (11:40 GMT) while Dow futures slumped 210 points, or 0.85%, to 24,361. Meanwhile tech heavy Nasdaq 100 futures decreased 70 points, or 1%, to 6,682.

Retail sales in China posted their weakest growth in 15 years, increasing worry about the world’s second largest economy as the country is impacted by trade disputes with the U.S. In Japan, the Bank of Japan’s Tankan survey released overnight showed companies expect conditions to worsen in the next three months.

Meanwhile data from the euro zone revealed the weakest business activity in the private sector in just over four years, highlighting the slowing growth in the region.

General Electric (NYSE:GE) was among the top gainers in premarket trading, rising 1.5%.

Elsewhere, Costco (NASDAQ:COST) fell 3% after reporting disappointing quarterly earnings and revenue. Starbucks (NASDAQ:SBUX) dipped 3.4% after it announced a partnership with Uber Eats at 2,000 of its stores in the U.S.

Tesla (NASDAQ:TSLA) decreased 0.7%, while semiconductor company Micron (NASDAQ:MU) slumped 2.9% and Facebook (NASDAQ:FB) was down 1.7%. Boeing (NYSE:BA) inched down 2% and Cisco (NASDAQ:CSCO) slipped 1.8%.

In economic news, retail sales comes out at 8:30 AM ET (13:30 GMT), with industrial production at 9:15 AM ET (14:15 GMT) and IHS Markit PMI data at 9:45 AM ET (14:45 GMT).

In other commodities, gold futures fell 0.3% to $1,242.70 a troy ounce while crude oil futures decreased 0.3% to $52.41 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, rose 0.4% to 97.52.