Stock futures fell on Wednesday as traders returning from the Independence Day pause saw headwinds for the global economy and braced for the release of Federal Reserve minutes.
Futures on the S&P 500 (^GSPC) were down about 0.4%, while futures on the Dow Jones Industrial Average (^DJI) were down about 0.4%. Nasdaq 100 futures fell about 0.6%.
A surprisingly sharp drop in Chinese services activity stoked concerns about the health of the world’s second largest economy amid rising tensions in the US-China trade war.
Rivian (RIVN) shares are up nearly 4% premarket and hoped to extend the 17% rally on Monday after Amazon announced it would launch the electric vehicle maker’s first vans in Germany.
Minutes from the Fed’s June meeting could shed light on policymakers’ decision to hold a rate hike at the same time, but still hint at further rate hikes. These findings prepare investors for Friday’s crucial June jobs report.
New update
Stock futures fall amid fresh signs of economic slowdown in China
The major US benchmarks braced for a lower open on Wednesday as traders pulled back from the July 4 pause on worries about the global economy.
S&P 500 (^GSPC) futures fell 0.42%, while contracts on the Dow Jones Industrial Average (^DJI) fell nearly 140 points, or 0.39%. Nasdaq 100 futures fell 0.57%.
The latest service activity data in China showed a sharp decline, underscoring concerns about the country’s economic recovery.
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