Dow Futures Tumble 322 Points Because Fears of a Global Economic Slowdown Are Growing
6:27 a.m. President Donald Trump may have extended an olive branch in an attempt to end the U.S. government shutdown, but a slowing China is a bigger problem for the Dow Jones Industrial Average.
Dow futures have fallen 322 points, or 1.4%, while S&P 500 futures have dropped 1.4%, and Nasdaq Composite futures have slumped 2.1%.
The Caixin/Markit Manufacturing Purchasing Managers’ index, a private reading of manufacturing activity in the world’s second largest economy, dropped to 49.7 in December, below economist predictions for 50.1, and, more important, the 50 level that signifies economic expansion.
“An increasing amount of data is pointing to the Chinese economy losing steam and with new orders falling for the first time in 2 1/2 years, the outlook doesn’t look great either,” writes Jasper Lawler, head of research at London Capital Group.
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