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* IMF cuts global growth forecasts for the second time in 3mths
* J&J up on Q4 rev beat; Halliburton drops on flat revgrowth
* Futures drop: Dow 0.59 pct, S&P 0.66 pct, Nasdaq 0.85 pct
By Shreyashi Sanyal
Jan 22 (Reuters) - U.S. stock index futures fell on Tuesday,as investors were hit by fears of global economic slowdown afterthe International Monetary Fund trimmed its growth forecasts ina week of heavy corporate earnings.
The gloomy IMF forecasts, released on Monday, predicted theglobal economy will grow at 3.5 percent in 2019 and 3.6 percentin 2020, down 0.2 and 0.1 percentage point respectively fromlast October's forecasts.
The downgrades reflected weakness in Europe and were on thesame day China released data that confirmed its slowest growthrate in 28 years, adding to fears of a global economic slowdown.
A survey by auditing and accounting giant PwC offeredinvestors little hope after it showed 29 percent of nearly 1,400CEOs believed global economic growth will decline over the next12 months, the highest percentage since 2012.
At 7:19 a.m. ET, Dow e-minis 1YMc1 were down 145 points,or 0.59 percent. S&P 500 e-minis ESc1 were down 17.75 points,or 0.66 percent and Nasdaq 100 e-minis NQc1 were down 57.75points, or 0.85 percent.
The bigger-than-expected slowdown in China stoked concernsabout fuel demand, which contributed to a near 2 percent fall inoil prices and weighed on energy stocks.
U.S.-listed Chinese stocks tumbled in premarket tradingalong with chip stocks, which get a large portion of theirrevenue from China. Advanced Micro Devices IncAMD.O fell 1.4percent, while Micron Technology IncMU.O dropped 1.3 percent.
U.S. stocks are coming off their fourth straight weekly riseafter a strong rally in January put the benchmark S&P 500 indexon track for its best monthly gain since March 2016.
With earnings season moving into top gear, analysts havelowered their fourth-quarter earnings forecast for S&P 500companies to 14.2 percent year-over-year growth from 20.1percent estimated on Oct. 1, according to IBES data fromRefinitiv.
Johnson & JohnsonJNJ.N shares rose 1.2 percent after thehealthcare giant reported fourth-quarter revenue above WallStreet estimates, helped by strong demand for its drugs to treatcancer and psoriasis.
Halliburton CoHAL.N fell 1.5 percent after the oilfieldservices provider reported flat growth in quarterly revenue.
On the macro front, the National Association of Realtors islikely to report that U.S. existing home sales in Decemberdropped to 5.24 million units from 5.32 million units in theprevious month. Data expected at 10 a.m. ET (1500 GMT). (Reporting by Shreyashi Sanyal and additional reporting bySruthi Shankar in Bengaluru; Editing by Arun Koyyur) ((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780 ;Reuters Messaging:Shreyashi.Sanyal.email@example.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.