NEW YORK (TheStreet) -- Stock futures were lower on Monday as manufacturing in the New York area fell to its worst levels since the recession.
S&P 500 futures were down 0.3%, Nasdaq futures fell 0.3%, and Dow Jones Industrial Average dropped 0.3%.
The Empire State general business conditions index fell to negative 14.9 in August from positive 3.9, according to the New York Federal Reserve. Economists had expected a positive 4.5 reading. New orders fell to negative 15.7 from negative 3.5.
U.S. stocks were pressured last week with concerns ranging from an unexpected devaluation of the Chinese currency to economic indicators pointing to the possibility the Federal Reserve will raise interest rates in September.
Adding to macro concerns, Japan's economy shrank in its second quarter, its first decline since the third quarter of last year. The Japanese economy contracted 0.4%, weighed down by a 0.8% decline in private consumption. The reading was still better than a 0.5% decline economists had expected.
Greece's future was looking uncertain again after International Monetary Fund Managing Director Christine Lagarde voiced concerns over the sustainability of its debt. "Greece cannot restore debt sustainability solely through actions on its own," Lagarde said in a statement, noting that creditors should consider a debt haircut. German Chancellor Angela Merkel said a write-off was not a possibility, though she might consider extending debt maturities or adjusting rates.
Apple (AAPL - Get Report) shares were on watch following reports that, like Google (GOOGL - Get Report) , the company is working on a self-driving car. The company is reportedly seeking test centers in San Francisco as it works on what has been called "Project Titan," according to The Guardian.
Estee Lauder (EL - Get Report) shares were on watch after the company reported a mixed quarter. The makeup company reported net sales up 7% on a constant currency basis in its fourth quarter, though total sales fell 7.7% due to currency exchange. Skin care revenue fell 16% to $1.01 billion, while makeup sales slid 4% to $1.02 billion. The company expects net sales up 13% to 14% on a constant currency basis in its current quarter.
Tesla (TSLA - Get Report) added more than 5% after Morgan Stanley boosted its price target by 66% to $465. Analysts wrote that the company's focus on streamlining operations would likely fuel increased share prices.