U.S. stock futures drop as China trade data spark fresh global economic worries

Reuters

.S. equities were looking at a potentially downbeat start to the week, as stock futures tumbled Monday on weaker-than-expected China trade data that has sparked fresh concerns over a global economic slowdown.

How are major benchmarks faring?

Dow Jones Industrial Average futures YMH9, -0.93%  slid 172 points, or 0.7%, to 23,778, while S&P 500 futures ESH9, -0.97%  fell 19.10 points, or 0.7%, to 2,576.25. Nasdaq-100 futures NQH9, -1.24% dropped 59 points, or 0.9%, to 6,553.75.  

On Friday, The Dow Jones Industrial Average DJIA, -0.02% fell 5.97 points to 23,995.95, while the S&P 500 index SPX, -0.01% slipped 0.38 point to 2,596.26. The Nasdaq Composite Index NQH9, -1.24% shed 14.59 points, or 0.2%, to 6,971.48.

For the week, the Dow rose 2.4%, the S&P 500 gained 2.5%, and the Nasdaq rallied 3.5%.

Read: The most important skill traders need isn’t when to buy—it’s when (and what) to sell

What’s driving the market?

Appetite for perceived riskier assets such as stocks took a hit Monday, after data showed weak China imports and exports for December, which underpinned worries of a slowdown in the global growth engine. And China’s trade surplus with the U.S. soared to a fresh record of $323.32 billion in 2018, while the two countries continue to try resolving those differences.

Earnings season will kick off on Monday, with Citigroup Inc. C, +0.44%  scheduled to report ahead of the bell. J.P. Morgan Chase & Co. JPM, -0.48%  , Wells Fargo & Co. WFC, +0.25%  , BlackRock, Inc. BLK, -0.40%  , Goldman Sachs Group Inc. GS, +0.53%  and Netflix Inc. NFLX, +3.98%  are a few of the other big companies due to report this week.

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