U.S. stock index futures fell on Wednesday after the release of weak China data stoked worries that the global economy is slowing down.
Futures for the Dow Jones Industrial Average dropped 86 points, or 0.3%, to 25,484
Futures for the S&P 500 settled 9.75 points, or 0.3%, at 2,829.50
NASDAQ futures dipped 27 points, or 0.4%, to 7,394
In terms of earnings, Macy’s, Cisco Systems and ZTO Express will report their latest results.
On the data front, retail sales numbers are scheduled for release, alongside the May reading of the Empire State Manufacturing index. U.S. industrial production data is also set for release this morning.
Industrial production in China increased by 5.4% in April on a year-over-year basis, notching the slowest pace of growth since May 2003. Economists expected an expansion of 6.5%.
The slowdown in Chinese industrial production comes as trade tensions between China and the U.S. have reignited. Earlier this week, China hiked tariffs on $60 billion worth of U.S. goods. The move came after the U.S. raised levies on $200 billion worth of Chinese imports. The U.S. also raised the possibility of slapping tariffs on an additional $300 billion in goods from China.
Overseas, the Nikkei 225 recovered 0.6% Wednesday, while in Hong Kong, the Hang Seng index improved 0.5%.
Oil prices fell 64 cents to $61.14 U.S. a barrel.
Gold prices picked up $3.20 to $1,299.50 U.S. an ounce.
