Tuesday saw a decline in U.S. stock futures as Wall Street battled to retain its momentum from the previous day.
The Dow Jones Industrial Average futures were down 167 points, or 0.5%. Futures for the S&P 500 and Nasdaq 100 declined by 0.4% and 0.3%, respectively.
After poor statistics from China and a sudden rate cut by its central bank, sentiment was negative all around the world.
China’s industrial production climbed 3.7% in July compared to the same month last year, which was below expectations. Additionally, the increase in retail sales from the prior year-ago period was smaller than anticipated. The People’s Bank of China decreased rates to 2.5% in the interim by 15 basis points. However, the rate reduction did not allay investor worries; rather, it increased concern about a possible Chinese real estate collapse.
Source (CNBC)