Seeking Alpha

Wall Street wary as China worries mount

  • Stock futures are on track for a lower open, as investors turn their attention to worries about Chinese growth and continued tension in Ukraine amid a lull in U.S. economic data releases and with the end of earnings season; S&P, Dow and Nasdaq all -0.3%.
  • Weakness in overseas markets helps set the negative tone, with European bourses broadly lower after data showing a surprise decline in eurozone industrial output, and Asian markets lower on lingering concerns over China; Nikkei -2.6%, Hang Seng -1.7%.
  • Copper prices fell to their lowest level in nearly four years overnight before rebounding; given copper's status as a bellwether of global economic health, markets will keep an eye on the metal during the coming days.
  • Meanwhile, crude oil -1.8% at $98.29/bbl, gold futures +1.4% at $1365.20/oz, and Treasurys are slightly higher with the benchmark 10-year yield down 2 bps at 2.75%.
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