Global Growth Concerns Drag Down US Stock Futures

The U.S. stock index futures pointed to a lower opening Monday as investor sentiment was dragged down by worries of faltering global economic growth.

Futures on the Dow Jones Industrial Average were down 0.20 percent, those on the Standard & Poor’s 500 index were down 0.24 percent, while those on the Nasdaq 100 index were down 0.26 percent.

Market sentiment is expected to lack positive momentum with persisting uncertainties over the slack global economy. In a report by the Xinhua news agency, Chinese Premier Wen Jiabao warned Sunday that economic recovery will take some time and difficulties may prevail in the meanwhile.

Investors are likely to focus on the Commerce Dept.'s retail sales report for June on Monday. The June retail sales report, which measures the change in the total value of inflation-adjusted sales at the retail level, is expected to rise 0.2 percent up from a decline of 0.2 percent in May.

The Federal Reserve Bank of New York's Empire State Manufacturing Survey will also be reported Monday. The manufacturing index, which rates the relative level of the general business conditions in New York state, is expected to rise to 4 in July, up from 2.3 in June.

On Friday, the U.S. markets rose as investor sentiment turned positive following the announcement of the second quarter results by J.P. Morgan Chase & Co, which reported a $5 billion profit. The Dow Jones industrial average rose 1.62 percent, the S&P 500 Index climbed to 1.65 percent and the Nasdaq Composite Index advanced 1.48 percent.

Major European indices fell as investors continued to have concerns about the debt burden faced by the euro zone. London’s FTSE 100 was down 17.28 points, Germany's DAX 30 Index fell 10.92 points and France's CAC 40 declined 14.30 points.

Asian stocks made marginal gains as market players remained cautious with expectation that China will announce stimulus measures to boost the economic growth.