Dow futures have declined 50 points, or 0.2%, while S&P 500 futures have fallen 0.3%, and Nasdaq Composite futures have dropped 0.8%. The Nasdaq has been hit hard by Broadcom (AVGO) stock, which has slumped 9% to $256.31 after issuing disappointing guidance.
Chinas industrial output grew by just 5% in May, its slowest rate in 17 years, raising concerns about further global economic weakness. Iran, meanwhile, has pushed back against U.S. claims that it is responsible for attacks on two tankers.
Keep an eye on todays retail sales numbers, due at 8:30 a.m. To some its a win-win...no matter what happens. In case of a miss in consumer spending, a slowing economy is the takeaway, forcing the Fed to ease, which is a boon for equities, writes Konstantinos Anthis, head of research at ADSS. In case of a robust reading, the economy is still humming along is the conclusion, hence no reason to get out of any longs on equities until the Fed eases so again, more gains for the stock markets. Seems weird but lets see how it plays out.
Write to Ben Levisohn at Ben.Levisohn@barrons.com