Futures slip as China data sparks growth fears – Reuters.com

REUTERS/Brendan McDermid/File PhotoRegister now for FREE unlimited access to Reuters.comRegisterFutures off: Dow 0.09%, S&P 0.27%, Nasdaq 0.42%May 16 (Reuters) – U.S. stock index futures fell on Monday as downbeat information out of China stoked fresh concerns about a worldwide financial slowdown at a time when financiers are currently on edge over aggressive policy tightening up by the Federal Reserve.Chinese and European stock markets fell, while oil slid as data revealed Chinas financial activity cooled greatly in April as widening COVID-19 lockdowns took a heavy toll on usage, commercial production and employment.Wall Street closed dramatically greater on Friday, however still the S&P 500 and the Nasdaq posted their longest weekly losing streaks in over a decade.Register now for FREE endless access to Reuters.comRegisterInvestors have been worried that aggressive interest rate hikes by the Federal Reserve to combat decades-high inflation might hurt the U.S, economy, with the dispute in Ukraine, supply chain snarls and the latest pandemic-related lockdowns in China even more intensifying the situation.Goldman Sachs economists cut their projection for U.S. GDP development to 2.4% in 2022 from 2.6% formerly, pointing out tighter monetary conditions.The S&P 500 and the tech-heavy Nasdaq (. IXIC) have fallen 15.6% and 24.5%, respectively, so far this year, with growth stocks taking a sharp hit on concerns that larger interest rate hikes could hurt their future money flows.Traders are now pricing a near 82% opportunity of a 50 basis point hike by the Fed in June. At 07:21 a.m. ET, Dow e-minis were down 28 points, or 0.09%, S&P 500 e-minis were down 11 points, or 0.27%, and Nasdaq 100 e-minis were down 51.75 points, or 0.42%.

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