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Dow futures drop 100 as oil slide weighs

Wall Street point to a lower open Monday, as declines in U.S. crude oil weighed and an official survey showed China's factory sector contracted for the sixth month.

Dow futures held more than 100 points lower after personal income data showed a 0.3 percent increase in December. Consumer spending was unchanged. November personal spending was revised higher to 0.5 percent.

As of 8:48 a.m. ET, U.S. light crude futures for March trimmed losses to hold about 3.75 percent lower, near $32.40 a barrel Monday, following the data from China. Brent crude futures for April held a touch higher, near $34.80 a barrel.

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Pawel Kopczynski | Reuters

The Chinese Shanghai composite index closed down 1.8 percent on Monday after the country's official manufacturing purchasing managers' index (PMI) came in at 49.4 for January. This narrowly missed Reuters estimates for 49.6. A reading below 50 indicates a contraction in industrial activity.

Google's parent company, Alphabet, will get the ball rolling on earnings season on Monday, along with Mattel. More than 100 S&P 500-listed companies and three Dow components are set to report quarterly results this week.

Due later in the morning is January's ISM manufacturing index, which is expected to remain below the key 50-expansion level.

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Later in the week, the U.S. employment report will grab the limelight on Friday. That day will also bring the full trade report for December.

Consensus forecasts suggest that 190,000 jobs were created during January.

Data released on Friday suggested U.S. economic growth slowed to an annualized 0.7 percent in the fourth quarter of last year. This was in-line with expectations but down sharply from 2.0 percent growth in the third quarter. Across 2015, the economy grew 2.4 percent, after a similar expansion in 2014.

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The major U.S. indexes posted their worst January in at least seven years. On a monthly basis, the Nasdaq composite fell around 7.9 percent. However, sharp gains on Friday pushed the S&P 500, the Dow Jones industrial average and the Nasdaq composite into positive territory for the week.