Stock futures down US stock futures fell on Wednesday to signal no letup in a rough January, as investors' optimism for interest rate cuts got a reality check and worries grew about China's economy.
Dow Jones Industrial Average (^DJI) futures fell 0.4%, while S&P 500 (^GSPC) futures slid 0.4%, set to build on Tuesday's losing start to the holiday-shortened week. Futures on the tech-heavy Nasdaq 100 (^NDX) were down roughly 0.5%.
Stocks have struggled as policymakers push back against persistent bets that central banks will cut rates early and often in 2024. ECB president Christine Lagarde on Wednesday joined the likes of Federal Reserve Governor Chris Waller in warning that expectations of imminent loosening are too high.
Another knock back came from disappointing GDP data suggesting that China's growth is flagging despite stimulus measures. Oil prices fell amid fears of a pullback in demand from the world's second biggest economy.