Futures Pointing To A Lower Open On Wall Street

(RTTNews) - With disappointing Chinese trade data generating some negative sentiment, stocks are likely to move to the downside in early trading on Monday. The major index futures are currently pointing to a lower open for the markets, with the Dow futures down by 39 points.

The downward momentum for the markets comes following the release of a report from the Chinese General Administration of Customs showing that China swung to a trade deficit in February.

With Chinese exports falling 18.1 percent year-over-year in February compared to a 10.1 percent increase in imports, the report showed a trade deficit of $22.98 billion compared to a trade surplus of $31.86 billion in the same month last year.

Combining the data for January and February to smooth out the volatility caused by the Lunar New Year holidays showed that exports fell 1.6 percent but imports rose 10 percent, resulting in a 79.1 percent drop in the trade surplus to $8.89 billion.

The data contributed to a significant sell-off by Chinese stocks, with the Shanghai Composite Index plunging by 2.9 percent.

Nonetheless, trading on Wall Street may be somewhat subdued amid a lack of major U.S. economic data following the slew of data released last week.