Futures lower after China data as commodities fall

By Chuck Mikolajczak

NEW YORK (Reuters) - U.S. stock index futures were lower on Monday, putting the S&P 500 on track to dip for a second consecutive session after data from China showed slower growth than anticipated.

Data showed China's economic recovery unexpectedly slowed in the first quarter, with the annual rate of growth in the world's second-largest economy easing back to 7.7 percent from the 7.9 percent of the previous quarter, below economists' forecast for an 8.0 percent expansion.

The data weighed heavily on commodities, with U.S. crude oil down 3 percent to $88.54 while gold sank further into bear market territory.

Freeport-McMoRan Copper and Gold lost 5.7 percent to $30.10 and Rangold Resources stumbled 8.9 percent to $68.58 in premarket trade.

S&P 500 futures fell 8.4 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures lost 50 points, and Nasdaq 100 futures shed 12.75 points.

Economic data expected on Monday includes the Empire State Manufacturing Survey for April, 8:30 a.m. (7.30 a.m. ET). Economists in a Reuters survey expect a reading of 7.00 compared with 9.24 in March.

Later in the session at 10 a.m. (9.00 a.m. ET), the National Association of Home Builders/Wells Fargo issues its April housing market index. Economists in a Reuters survey expect a reading of 45, versus 44 in March.

Earnings season heats up this week, with 74 companies in the S&P 500 scheduled to report, including results from Citigroup and M&T Bank on Monday.

Thermo Fisher Scientific Inc is nearing a deal to buy genetic testing equipment maker Life Technologies Corp for close to $13 billion, according to four people familiar with the matter, in what would be one of the year's biggest corporate takeovers. Life Technologies shares rose 10.2 percent to $74.95 in premarket.

Dish Network Corp has offered to buy Sprint Nextel Corp for $25.5 billion in cash and stock, a move that could thwart Sprint's proposed acquisition by Japan's SoftBank Corp .

European shares extended earlier losses, as mining stocks fell further after the Chinese data, while a major equity index fell below technical support levels. <.eu/>

(Reporting by Chuck Mikolajczak; Editing by Theodore d'Afflisio)

Source: http://news.yahoo.com/stock-futures-signal-dip-chinese-data-094750685--sector.html

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