U.S. stock index futures were in negative territory Monday after five-straight weeks of gains and as disappointing data from Japan fueled fears of a global slowdown.
Japan’s economy grew a tepid 0.3 percent in the second quarter, much weaker than expectations for a rise of 0.6 percent and a sharp slowdown from growth of 1.3 percent in the previous quarter. (Read More:
And adding to woes over the global economy, Bank of America/Merrill Lynch cut its 2012 growth estimate for China, to 7.7 percent from 8 percent.
However, losses were pared by hopes of further global stimulus measures, with investor optimism boosted late on Friday when the San Francisco Federal Reserve President John Williams advocated a fresh round of bond-buying to decrease unemployment at a faster rate.
And with no economic reports scheduled, investors will look to the rest of the busy week for more direction.
FedEx said it will offer buyouts to U.S. employees in an effort to reduce costs as the economy remains weak.