US stock futures slipped on Monday, alongside Asia-Pacific and European shares, after a batch of disappointing euro-zone data overshadowed developments surrounding US-China trade negotiation.

Wall Street is entering its final full trading week of the third quarter with a new set of concerns, including; faltering lending markets, uncertain monetary policy and most recently weaker-than-expected manufacturing and services data from Germany, France, as well as other euro-zone countries.

Germany’s manufacturing PMI fell to 41.4 in September, from 43.5 the previous month, slumping to its lowest level since mid-2009, the depths of the euro-zone crisis, and has presented itself as a stark reminder of the fragility of the global economy. 

Stateside, trade still tops the list of concerns, following terse statements of "constructive progress" from officials in Washington and Beijing after two days of talks which concluded last week.

These comments were made in spite of an abrupt 11th-hour cancellation by the Chinese trade delegation to visit a selection of US agricultural regions, which had reignited concerns over trade.

China’s cancelled visit was announced on Friday and saw the S&P 500 shed -0.93% of its value, giving up morning gains as Technology (-1.47%) and Industrial (-1.16%) shares lead the declines.

Ahead, in today’s economic calendar, Monday includes; Chicago Fed National Activity for August at 8:30am EST, followed by the PMI Composite FLASH for September at 9:45am EST.

In corporate news; Ascena Retail Group (ASNA) and Cantel Medical (CMD) are both expected to report their latest financials today.

China & Trade: Chinese Trade Delegation Called Off Farm Visits at US Request. (Bloomberg)
China’s cancellation of a planned visit to farms in the American heartland was done at the request of the US, people familiar with the matter said, indicating it wasn’t caused by a negative turn in the lower-level discussions held in Washington last week.

Today's Economical Announcements.

08:30AM - ★☆☆ - Chicago Fed Activity (Aug) (Previous: -0.36)
09:45AM - ★★☆ - Manufacturing PMI (Sep) (Previous: 50.3)
09:45AM - ★★☆ - Services PMI (Sep) (Previous: 50.7)

Pre-Market Movers & News Related Stocks.

Mallinckrodt (MNK): [NEWS] Mallinckrodt said its burn treatment StrataGraft met its goals in a phase 3 study.

Exact Sciences (EXAS): [NEWS] Won Food and Drug Administration approval for use of its at-home colon cancer screening test Cologuard for patients aged 45-49. It had previously only been approved for patients at least 50 years old.

Chewy (CHWY): [UPGRADE] Upgraded to “buy” from “neutral” at Nomura Instinet, saying worries about company profit margins are overblown, and that Chewy’s fulfillment network is not easily replicated.

NVR (NVR): [NEWS] Will join the S&P 500 prior to the open on Thursday. The home builder’s stock replaces Jefferies Financial Group in the benchmark index.

PG&E (PCG): [NEWS] Formally executed the $11 billion agreement announced last week that resolved insurance subrogation claims related to California wildfires in 2017 and 2018.

Kimberly-Clark (KMB): [UPGRADE] Barclays upgraded the consumer products maker’s stock to “overweight” from “equal weight,” based on a widening of the stock’s relative discount to that of its peers. 

Viacom (VIAB): [NEWS] Bought the exclusive cable TV rights to the hit sitcom “Seinfeld” from Sony Pictures Entertainment, beginning in October 2021. Netflix (NFLX) had recently acquired the global streaming rights to “Seinfeld.”

Tesla (TSLA): [NEWS] Tesla’s board of directors must face a shareholder lawsuit over CEO Elon Musk’s pay package. The automaker had asked a judge to dismiss the suit, but that request was rejected.

Con Edison (ED): [UPGRADE] Upgraded to “overweight” from “sector weight” at KeyBanc, which cites a number of factors including relative valuation. The utility’s stock has already gained nearly 21% this year.

General Motors (GM): [NEWS] GM and United Auto Workers union representatives met over the weekend for talks on a new contract, but a strike by union members heads into its 8th day today.

Facebook (FB): [NEWS] The company’s competitors like Snap (SNAP) have been talking to the Federal Trade Commission about the company’s hardball tactics, according to The Wall Street Journal. 

Lululemon (LULU): [RATING] Piper Jaffray initiated coverage of the apparel maker with an “overweight” rating and a $227 per share price target, predicting market share gains for the company in a category experiencing strong secular growth.

Caesars Entertainment (CZR): [NEWS] Announced the sale of its Rio hotel and casino in Las Vegas to an affiliate of Imperial Cos. for $516.3 million.