U.S. stock index futures declined on Monday after weak economic data from China renewed fears of an economic slowdown in the world’s second-largest economy.
China’s central bank slashed key lending rates to revive demand as data showed the economy unexpectedly slowing in July, with factory and retail activity squeezed by Beijing’s zero-COVID policy and a property crisis.
Megacap growth and technology stocks such as Apple Inc and Amazon.com Inc slid 0.5% each in trading before the bell, while banks also edged lower after posting six straight weeks of gains.
Traders are seeing nearly equal odds of the Fed hiking rates by 50 basis points or 75 basis points in September.
MacDailyNews Take: “Zero COVID” is a pipe dream. As Einstein, or whoever, said, “Insanity is doing the same thing over and over and expecting different results.”
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