- US stock futures slump in Tuesday's early trades, tracking declines in Asian and European markets.
- Market sentiment weakens amid China growth concerns, and as central bankers push back against rate-cut speculation.
- Lennar Corporation, CoStar, and Tesla are among S&P 500 stocks leading declines in premarket trades.
US stock futures fell, tracking declines in Asian and European shares after some global central bankers signaled it's too early to consider interest-rate cuts.
Lennar Corporation, CoStar Group, Tesla and Enphase Energy were among the biggest declines among S&P 500 stocks in Tuesday's premarket trading. WEC Energy, Stryker, Western Digital, and Starbucks led gains.
Asian equities saw significant declines, with Hong Kong's Hang Seng index sliding more than 2% amid investor concern key Chinese economic data due Wednesday could project a gloomy growth scenario.
China's GDP likely rose 5.2% in 2023, in line with official estimates, but the pace of expansion may decline to 4.6% this year and 4.5% in 2025, according to a Reuters survey.
In Europe, stock-market sentiment was soured after ECB officials including Bundesbank President Joachim Nagel said it was still too early to talk about cutting interest rates.
Market overview
- Futures on the S&P 500 fell 0.5% or 4,792.5 as of 4:45 a.m. ET, while similar contracts on the Nasdaq 100 dropped 0.65% to 16,859.
- European stocks were in the green, with Euro Stoxx 50 advancing 0.4%. Germany's DAX 40 index and France's CAC 40 rose 0.4% and 0.3%, respectively.
- In Asia, Hong Kong's Hang Seng index tumbled 2.2%, while the Shanghai Composite gained 0.3%. Japan's Nikkei 225 declined 0.8% to 35,619.20. India's Nifty 50 was down 0.3%.
- In the crypto market, bitcoin was 1.1% higher at $42,943, adding to Monday's 1.9% advance. Ether saw a similar gain to 2,539.
- The Dollar Index, which tracks the greenback against a basket of currencies, rallied 0.5% to the highest level in more than a month on safe-haven demand amid the weakened equity-market sentiment.
- Ten-year Treasury yield was little changed at 4%. Brent crude oil rose 0.2% to $77.75 a barrel.
Top movers
Here are some of Tuesday's top premarket movers among S&P 500 stocks.
- PG&E fell 5.8% to $16.50, while Lennar Corporation dropped 4.4% to $145.07.
- CoStar Group's shares declined 4.1% to $80.01 apiece.
- Boeing fell 2.7% to $211.87, as investor sentiment toward the company remained weak after a Boeing 737 Max 9 plane operated by Alaska Airlines faced a mid-air mishap last week.
- Tesla dropped 2.3% to $213.99.