Stock Futures Drop Sharply As China Stocks Tumble 8%

U.S. stock futures tumbled sharply early Monday after the worst week for stocks in four years. Futures for the Dow Jones Industrial Average slid 450 points, or 2.7%, to 16,020, while futures for the S&P 500 dropped 50.40 points, or 2.7%, to 1,921. Futures for the Nasdaq 100 index slid 170.5 points, or 4%, to 4,030.25. Intense selling across Asia added to pressure on stock futures, with the Shanghai Composite index [s; cn:shcomp] down 8%, as that market wiped out all of 2015's gains. Investors were rattled by a lack of action by the Chinese central bank, though Beijing is planning to flood its banking system with cash, The Wall Street Journal reported. Investors are debating whether last week's plunge in stock prices, slumping oil prices and concerns about the slowing Chinese economy will deter the Federal Reserve from raising interest rates in September. The new week includes reports on durable goods and consumer confidence, among other items. Stanley Fischer, the Fed's No. 2, is to speak Saturday at the Federal Reserve Bank of Kansas City's annual Jackson Hole symposium on "U.S. inflation developments." Meanwhile, October WTI crude fell through $40, down $1, or 2.4%, to $39.45 a barrel.