NEW YORK (TheStreet) -- U.S. stock index futures were pointing to a softer start on Wall Street Monday, dragged down by the overall gloomy mood of the global markets.
Dow Jones Industrial Average
Watch the video below for a closer look at how U.S. markets are doing in premarket trading Monday:
Although some worries about an early rate hike are creeping back in and impacting certain sectors such as utilities, consumer staples and telecoms, Pavlik said in the long run a higher interest rate environment will be good for the economy; it would encourage banks to lend more and spur consumer action.
"For the remainder of 2014 I'm still optimistic and I continue to position my client's portfolios with a focus on growth that will arrive as the U.S. returns to a more normalized interest rate environment," said Pavlik.
China's slowing industrial momentum, along with rising fears about leverage in the Chinese economy, was behind a broad slump in the European and Asian markets Monday, with mining stocks leading the way on falling gold, silver, copper and iron ore prices. The SPDR Gold Trust (GLD) was off 0.29%. The FTSE 100 in London was down 0.86%, while Hong Kong's Hang Seng index retreated 1.44% to 23,955.49 and China's Shanghai composite plunged 1.7% to 2,289.87.