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* Chinese exports in Nov. drop for fourth straight month
* 3M falls after Citigroup downgrade
* Merck to buy ArQule for $2.7 billion
* Futures down: Dow 0.07%, S&P 500 0.08%, Nasdaq 0.13%
(Adds comments, updates price action)
By Shreyashi Sanyal
Dec 9 (Reuters) - U.S. stocks were set to open lower on
Monday as weak data from China brought back fears of a slowdown
in the world's second-biggest economy, while investors looked
for any positive news on trade talks ahead of a tariff deadline
later in the week.
China's exports in November shrank for the fourth
consecutive month, underscoring persistent pressures on
manufacturers from the Sino-U.S. war, but growth in imports may
be a sign that Beijing's stimulus steps are helping to stoke
demand. "Obviously, we can see the Chinese economy is really
suffering but this could push them to come up with some sort of
a goodwill gesture before the tariffs set in," said Peter
Cardillo, chief market economist at Spartan Capital Securities
in New York.
Wall Street gained ground on Friday, driven by a blowout
domestic jobs report and optimism around U.S.-China trade
negotiations. All three major U.S. stock indexes are hovering
within 1% of record highs set two weeks ago.
In a quiet start to the week, market participants are
expected to keep a close watch on trade as planned U.S. tariffs
on Chinese imports kick in on Dec. 15 that will cover several
consumer products, including mobile phones and toys.
Analysts noted that the sideways move on Monday was
indicative of investors hoping for a delay in the deadline and
expectations of more positive gestures from both sides.
"The markets are telling us that there are hopes for
something positive to come up before the deadline. The two sides
might just roll back tariffs or even postpone the date but
something will happen," Cardillo said.
Also in focus is the Federal Open Market Committee's two-day
policy meeting, which starts on Tuesday.
At 8:36 a.m. ET, Dow e-minis 1YMcv1 were down 20 points,
or 0.07%. S&P 500 e-minis EScv1 were down 2.5 points, or
0.08%, and Nasdaq 100 e-minis NQcv1 were down 10.75 points, or
0.13%.
Among stocks, 3M Co MMM.N dropped 1% in premarket trading
after Citigroup cut its rating on the industrial conglomerate's
shares to "neutral".
Macy's Inc M.N fell 2.2% after Goldman Sachs reportedly
downgraded shares of the department store operator to "sell".
In deals, Merck & CO MRK.N said it would buy cancer drug
developer ArQule Inc ARQL.O for $2.7 billion in cash to beef
up its portfolio of blood cancer treatments. Shares of ArQule
doubled in value following the news.