US stocks were set for a lower open Monday as risk-aversion seeped into markets on fears of slowing global growth after the so-called yield curve inverted for the first time in more than a decade, stoking fears of a possible US recession.
Oil prices nudged lower with global benchmark Brent crude down 0.34%, while US West Texas Intermediate crude futures were down 0.5% recently on the back of signs of a slowing global economy.
Data released at 8:30 am showed the Chicago Fed National Activity Index came in at minus 0.29, against a plus 0.10 expected, for February following a minus 0.43 in the previous month, according to data compiled by Econoday.
At 10:30 am, forecasters see the Dallas Fed general activity index coming in at 10.0 for March against 13.1 in February.
In equities, shares of The9 Limited ( NCTY ) were 88.7% higher pre-bell after the internet company entered into a joint venture with Faraday Future that will manufacture and sell electric cars in China.
U.S. PRE-MARKET INDICATORS
-Dow Jones Industrial down 0.11%
-S&P 500 futures down 0.13%
-Nasdaq 100 futures down 0.22%
-Nasdaq 100 pre-market indicator down 0.11%
Nikkei down 3.01%
Hang Seng down 2.03%
Shanghai Composite down 1.97%
FTSE-100 down 0.54%
DAX-30 down 0.12%
PRE-MARKET SECTOR WATCH
(+/-) Large cap tech: mixed
(-) Chip stocks: lower
(-) Software stocks: lower
(+/-) Hardware stocks: mixed
(-) Internet stocks: lower
(+/-) Oil stocks: mixed
(+) Biotech stocks: unchanged to higher
(+/-) Drug stocks: mixed
(+/-) Financial stocks: mixed
(+/-) Retail stocks: mixed
(+/) Industrial stocks: unchanged to higher
(+/-) Airlines: mixed
(+/-) Autos: mixed
(+) CYCC (+25.3%) Reports positive results from Paloma-3 study which shows cyclin E as a biomarker of resident of estrogen receptor positive, Her-2 negative breast cancer to palbociclib regimens
(+) AVYA (+31.7%) Mulls leveraged buyout deal from private equity firm, report says
(+) YRD (+5.1%) Enters realignment deal with controlling shareholder
(-) PTI (-50%) Reports results from phase 1 trial of cystic fibrosis transmembrane conductance regulator modulators
(-) TSLA (-2.1%) Industry data shows registrations of new Tesla vehicles dropped month-over-month in February