Futures Fall On Poor China Econ Data Ahead Of Powell Townhall

US equity index futures fell and the dollar rose after the latest Chinese data missed expectations and confirmed a sharp slowdown in the 2nd largest economy, while the spread of the coronavirus delta variant sparked worries the global economic rebound is faltering. Investors also awaited a town hall by Federal Reserve chair Jerome Powell on Tuesday for clues on policy following a report from the WSJ that the Fed was weighing ending taper by mid-2022. As of 730am S&P eminis were down 12.50 or 0.28% to 4,450 after hitting an all time high on Friday; Dow Jones futures were down 101 points or 0.28% and Nasdaq futures were 42.75 lower. Commodities declined after Chinese retail sales and industrial output data showed activity slowed. Alibaba slid in premarket trading again after China’s state media criticized the online-game industry.

Energy firms Halliburton, Exxon Mobil, Chevron, Occidental Petroleum and Schlumberger were down between 0.7% and 1.1%, tracking crude prices lower after data showed economic activity slowed in China. The rapid spread of the Delta variant of COVID-19 has clouded market sentiment recently, with a survey last week showing U.S. consumer sentiment dropped sharply in early August to its lowest level in a decade. Coronavirus cases in the United States rose by at least 37,024 on Sunday to a total of 36.85 million, according to a Reuters tally.

Alibaba lost 1.9% in early New York trading. China should tighten regulations of online games to ensure they don’t misrepresent history, state media reported. Here are some of the other notabl U.S. movers today:


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