Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Futures fall over 1% on growth worries, focus turns to Fed

09/20/2021 | 04:45am EDT

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)

* Futures off: Dow 1.46%, S&P 1.23%, Nasdaq 1.05%

Sept 20 (Reuters) - U.S. stock index futures fell 1% on Monday, as investors worried about rising COVID-19 cases and the pace of economic growth at the start of a week in which the Federal Reserve will decide on potentially tapering its massive pandemic-era stimulus.

Futures tracking the blue-chip Dow index, which mainly comprises stocks reliant on a steady economic recovery, were down 1.5% by 04:31 a.m. ET.

Wall Street's main indexes have been hurt this month by fears of potentially higher corporate tax rates denting earnings and have shrugged off signs inflation might have peaked. The benchmark S&P 500 is on track to snap a seven-month gaining streak.

All eyes on Wednesday will be on the Fed's policy meeting, where the central bank is expected to lay the groundwork for a tapering, although the consensus is for an actual announcement to be delayed until the November or December meetings.

"Anything pointing to a November tapering decision may support the U.S. dollar further and perhaps extend the latest setback in equities," said Charalambos Pissouros, head of research at JFD Group.

"Market participants may also be eager to find out whether this could also result in earlier rate hikes."

Global equity markets have also been on edge recently over deepening troubles at China Evergrande, the world's most indebted property developer.

Its shares sank more than 15% on Monday on worries about its ability to repay a small portion of its $305 billion debt due this Thursday.

In the United States, S&P 500 e-minis were down 1.23%, and Nasdaq 100 e-minis were down 1.05%.

Economically sensitive industrials Boeing Co and Caterpillar Inc slipped 1.7% and 1.9%, respectively.

Banking stocks including Morgan Stanley, JPMorgan Chase & Co and Bank of America Corp fell between 1.8% and 2.7% in premarket trading, tracking U.S. Treasury yields.

A slate of U.S.-listed Chinese stocks including Weibo Corp , Bilibili Inc, Vipshop Holdings Ltd and Pinduoduo Inc shed between 3.4% and 5.4% amid a widening regulatory crackdown in China.

Heavyweight technology-related stocks , which have tended to perform better during times of economic uncertainty, were among the smallest decliners. (Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Arun Koyyur)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 1.18% 146.55 Delayed Quote.10.45%
CHINA EVERGRANDE GROUP -3.91% 2.95 End-of-day quote.-80.20%
FACEBOOK INC 3.26% 335.34 Delayed Quote.22.76%
MICROSOFT CORPORATION 1.01% 307.29 Delayed Quote.38.16%
NETFLIX, INC. 1.54% 637.97 Delayed Quote.17.98%
PINDUODUO INC. 3.18% 97 Delayed Quote.-45.40%
WEIBO CORPORATION 2.57% 49.15 Delayed Quote.19.91%
Latest news "Economy & Forex"
08:00aCandidate Cleopatra Fitzgerald on the Trending Topic of National and International Security
07:54aChina central bank will emphasize regulation, development of internet finance sector -state media
07:52aAISC AMERICAN INSTITUTE OF STEEL CONSTRUCTION : Offers $5,000 for the Next Great Steel Floor Beam Connection
07:49aAtea Pharma's COVID-19 treatment fails to meet study goal; shares plunge
07:47aCHINA EVERGRANDE NEW ENERGY VEHICLE : Dollar drops as rate-hike bets profilerate elsewhere, yuan hits 4-mth peak
07:45aThailand approves $2.8 billion more economic support measures
07:45aKey Evergrande deal to sell stake in unit put on hold - sources
07:44aEurope needs a 'whatever it takes' for gas storage, says Italian gas CEO
07:42aRECKITT BENCKISER : P&G warns of bigger earnings hit from commodity, freight costs
07:39aBritain's competition regulator flags concerns about S&P-IHS Markit deal
Latest news "Economy & Forex"