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Futures slide as China worries sour global mood

5:23 am ET

U.S. stock index futures fell on Monday, as worries about China's economy dented sentiment globally after sharp gains on Wall Street last week driven by better-than-expected earnings and hopes of a less aggressive Federal Reserve.

U.S.-listed shares of Chinese companies such as Alibaba Group Holding Ltd and Baidu Inc led the losses in early premarket trading, down 12.5% and 11.7%, respectively, as President Xi Jinping's new leadership team heightened fears that growth will be sacrificed for ideology-driven policies.

Meanwhile, delayed data on gross domestic product showed the Chinese economy grew a better-than-expected 3.9% in the third quarter, but retail sales disappointed with a meager rise of 2.5%. read more

Tesla (TSLA.O) fell 3.5% after the electric-car maker cut starter prices for its Model 3 and Model Y cars by as much as 9% in China, reversing a trend of increases across the industry amid signs of softening demand in the world's largest auto market.
treet jumped on Friday after a report said the Fed will likely debate on a smaller interest rate hike in December, raising hopes the central bank may be poised to adopt a less aggressive policy stance.

All the three major indexes notched their biggest weekly percentage gains in four months last week, supported by better-than-feared third-quarter earnings so far.

Of the 99 companies in the S&P 500 that have reported quarterly earnings as of Friday, 74.7% beat analyst's expectations. The long term average is 66.2%

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https://www.reuters.com/markets/europe/futures-slide-china-worries-sour-global-mood-2022-10-24/