US futures are set to open quite a bit lower from Friday’s close as markets look to reopen after the long holiday weekend commemorating Martin Luther Kind Jr. on Monday.
The Dow was trading down 200 points while the S&P 500 and NASDAQ were both trading lower by about 0.70%. Investors were hit with bad news about the slowing global economy when the International Monetary Fund released their updated World Economic Outlook on Monday where they cut growth forecasts.
“After two years of solid expansion, the world economy is growing more slowly than expected and risks are rising,” IMF Managing Director Christine Lagarde told reporters.
Investors are also digesting economic data coming out of China Monday when they released the slowest annual growth rate since 1990 coming in at 6.6%. Trade tariffs continue to hold their economy back among other factors, which should push them to want to make a deal with the US.
We’re looking at another busy week on the earnings front with companies like Haliburton ($HAL) and Johnson & Johnson ($JNJ) set to release earnings on Monday.