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Investors also kept close watch on rising U.S. Treasury yields
after data last week showed increased consumer spending,
accelerated factory activity and elevated inflation growth,
which could help push the Federal Reserve towards tightening its
accommodative monetary policy sooner than expected.
Wall Street's main indexes were battered in September, hit by
worries about the U.S. debt ceiling, the fate of a massive
infrastructure spending bill and the meltdown of heavily
indebted China Evergrande Group.
Trading in shares of debt-laden Evergrande were halted on
Monday, unsettling markets further about any fallout from its
troubles even as media reports said the company would sell a
stake in its property management unit for over $5 billion.
Markets also awaited U.S. President Joe Biden's new plan on
China trade strategy, with U.S. Trade Representative Katherine
Tai set for new talks with Beijing later in the day over its
failure to keep promises made in a "Phase 1" trade deal struck
with former President Donald Trump.
At 6:49 a.m. ET, Dow e-minis were down 114 points, or 0.33%, S&P
500 e-minis were down 16.25 points, or 0.37%, and Nasdaq 100
e-minis were down 73.75 points, or 0.5%.
In company news, Tesla Inc rose 2.8% in premarket trading after
it had delivered a record electric cars in the third quarter,
beating Wall Street estimates on Saturday.
Merck & Co gained 3.1% after developing an experimental
antiviral pill that could halve the chances of dying or being
hospitalized for those most at risk of contracting severe
COVID-19.
Shares in 3M Co fell 1.5% after J.P. Morgan cut its rating on
the industrial conglomerate's stock to "neutral" from
"overweight".
(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Maju
Samuel)
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