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* Futures off: Dow 1.46%, S&P 1.23%, Nasdaq 1.05%
Sept 20 (Reuters) - U.S. stock index futures fell 1% on
Monday, as investors worried about rising COVID-19 cases and the
pace of economic growth at the start of a week in which the
Federal Reserve will decide on potentially tapering its massive
Futures tracking the blue-chip Dow index, which
mainly comprises stocks reliant on a steady economic recovery,
were down 1.5% by 04:31 a.m. ET.
Wall Street's main indexes have been hurt this month by
fears of potentially higher corporate tax rates denting earnings
and have shrugged off signs inflation might have peaked. The
benchmark S&P 500 is on track to snap a seven-month
All eyes on Wednesday will be on the Fed's policy meeting,
where the central bank is expected to lay the groundwork for a
tapering, although the consensus is for an actual announcement
to be delayed until the November or December meetings.
"Anything pointing to a November tapering decision may
support the U.S. dollar further and perhaps extend the latest
setback in equities," said Charalambos Pissouros, head of
research at JFD Group.
"Market participants may also be eager to find out whether
this could also result in earlier rate hikes."
Global equity markets have also been on edge recently over
deepening troubles at China Evergrande, the world's
most indebted property developer.
Its shares sank more than 15% on Monday on worries about its
ability to repay a small portion of its $305 billion debt due
In the United States, S&P 500 e-minis were down
1.23%, and Nasdaq 100 e-minis were down 1.05%.
Economically sensitive industrials Boeing Co and
Caterpillar Inc slipped 1.7% and 1.9%, respectively.
Banking stocks including Morgan Stanley, JPMorgan
Chase & Co and Bank of America Corp fell between
1.8% and 2.7% in premarket trading, tracking U.S. Treasury
A slate of U.S.-listed Chinese stocks including Weibo Corp
, Bilibili Inc, Vipshop Holdings Ltd and
Pinduoduo Inc shed between 3.4% and 5.4% amid a widening
regulatory crackdown in China.
Heavyweight technology-related stocks
, which have tended to perform better during
times of economic uncertainty, were among the smallest
(Reporting by Sagarika Jaisinghani in Bengaluru; Editing by