- US futures point to lower open
- Weak data from China put pressure on US stocks
- Vroom (VRM.US) stock plunged after JPMorgan downgrade
US stock futures fell roughly 0.5% on Monday, putting Wall Street on track to take a breather after another positive week, as traders digested weak data from China and braced themselves for big retail earnings including Home Depot, Walmart and Target. Weak Chinese retail sales and industrial production figures, highlighted worries of a global economic slowdown.

US2000 jumped over 20.0% from June lows and is currently testing psychological resistance at 2000 pts, which coincides with 200 SMA (red line). If current sentiment prevails, upward move may accelerate towards next resistance at 2148 pts which is marked with 61.8% Fibonacci retracement of the last downward wave. On the other hand, if sellers manage to regain control, nearest support to watch lies at 1957 pts. Source: xStation5
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Vroom (VRM.US) stock fell over 5% in premarket after JPMorgan downgraded the used car retailer to underweight from neutral, saying that the online used car retailer will continue to see challenges amid a broader economic slowdown.
Vroom (VRM.US) stock has already plunged 80% this year. Buyers launched a relief rally after hitting low around $1.00 in June, however a recent downgrade may lead to the resumption of the downward movement. Key support to watch lies around $1.68 level. Source: xStation5
Baidu (BIDU.US), Alibaba (BABA.US), Pinduoduo (PDD.US) shares plunged over 1.0% in premarket following disappointing economic data from China.
Dollar General (DG.US) stock dropped over 1.0% before the opening bell after BMO Capital Markets downgraded the discount retailer to market perform from outperform, saying that the company have fully priced in recession expectations.
Comcast (CMCSA.US) Charter Communications (CHTR.US) shares fell over 1.0% in premarket after Atlantic Equities downgraded both broadband companies to neutral from due to worse-than-expected broadband results.
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