Stock Market Today: Stock Futures Lower Amid Global Uncertainties

NEW YORK (TheStreet) -- U.S. stock index futures were trading lower Monday as the markets dealt with a number of uncertainties including the growth prognosis for China and the outlook on U.S. interest rates.

Dow Jones Industrial Average futures were down 2 points, or 7.49 points above fair value, to 16,904. S&P 500 futures were down 1.25 points, or 1.24 points below fair value, to 1,975.5. Nasdaq futures were down 0.5 points, or 1.82 points above fair value, to 4,061.5.

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The S&P dove near session lows Friday to snap five consecutive weeks of gains, with the 10-year bond yield making a pronounced move as expectations about a Federal Reserve rate hike flared up following a strong U.S. retail sales report.

China's industrial output growth figures for August released over the weekend were sobering, slowing to a six-year low of 6.9% from 9% in July.

In Scotland, polls reportedly have been showing that the Sept. 18 vote on whether the company should break away from the United Kingdom will be a very close race. Concerns remain that a vote toward independence could set in motion additional economic stressors upon Europe.

A policy announcement from the Fed will be made on Wednesday, and could indicate that an interest rate hike will take place in the near future. With the economy continuing to perform well, there is a general expectation that the Federal Open Market Committee might drop the "considerable time" for low interest rates phrase from its statement to prepare the markets for a move toward policy normalization next year.

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