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 * Weak economic data from China, which showed that the world's
second-largest economy's manufacturing sector contracted in January
at the fastest pace since 2012, will exacerbate concerns regarding a
China-led global slowdown.
* Oil prices fell after China data added to worries about demand and
an OPEC source played down talk of an emergency meeting to stem the
decline. Oil prices have fallen more than 70 percent since mid-2014.
* Slammed by collapsing oil prices that have fed doubts about the
health of the global economy, stocks have had a volatile start to
the year with traders expecting the Fed to scale back the number of
rate hikes this year.
* Wall Street surged over 2 percent on Friday after the Bank of
Japan unexpectedly cut interest rates and technology shares rallied.
* A slew of U.S. economic reports is scheduled to be released on
Monday, including manufacturing and consumer spending numbers.
* The reports follow a weak reading of the GDP, which showed that
the U.S. economy expanded at only 0.8 percent in the fourth quarter.
* Investors will pay close attention to U.S. Federal Reserve
vice-chairman Stanley Fischer's speech on the central bank's recent
monetary policy at an event at 1 p.m. ET (1 p.m. ET).
* Fourth-quarter corporate reporting season is well under way, with
S&P 500 companies on average expected to post a 4.1 percent drop in
earnings, according to Thomson Reuters I/B/E/S.
[to top of second column] |
* Internet giant Alphabet, which reports after the bell, was up 0.9
percent at $767.97 in premarket trading.
* Chipotle Mexican Grill was up 4.5 percent at $473.20 after the
Wall Street Journal reported that an E. coli outbreak that affected
the burrito chain's customers last year may be declared as over as
soon as Monday.
Futures snapshot at 7:23 a.m. ET:
* Dow e-minis were down 104 points, or 0.64 percent, with 40,081
contracts changing hands.
* S&P 500 e-minis were down 13 points, or 0.67 percent, with 242,020
contracts traded.
* Nasdaq 100 e-minis were down 25.75 points, or 0.6 percent, on
volume of 37,162 contracts.
(Reporting by Tanya Agrawal; Editing by Don Sebastian)
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