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U.S. stock futures drop ahead of job data as gloomy China trade report adds to global growth fears

U.S. stock futures on Friday, pointing to a fifth session of unloading for Wall Street, after a slump in Chinese exports piled on corporate global slowdown. Investors are also provided for U.S. Pat. jobs data due later. How did major indexes fare? Dow Jones Industrial Average futures                                                                                                                                                                                                                  YMH9, -0.31% fell 79 points, or 0.3%, to 25.425, while S&P 500 futures                                                                                                                                                                                                                  ESH9, -0.35% were down 9.35 points, or 0.4%, to 2,745.5 and Nasdaq-100                                                                                                                                                                                                                  NQH9, -0.50% futures dropped 35 points, or 0.5%, to 7.021. On Thursday, the Dow Jones Industrial Average                                                                                                                                                                                                                  DJIA, -0.78% fell 200.23 points, or 0.8%, two 25,473.23. The S&P 500 index                                                                                                                                                                                                                  SPX, -0.81% dropped 0.8% to 2.748.93 and the Nasdaq Composite Index                                                                                                                                                                                                                  COMP, -1.13% shed 1.1%, to 7,421.46 With one session left, the Nasdaq is facing a 2.2% drop for the week, while the Dow industrial and S&P 500 are off around 2% each. Tumbling 4.4%, Chinese stocks logged their worst one-day percentage drop since October on Friday, after the nation reported a 20% drop in February exports on the heels of a 9.1 % gain in January. Officials attributed the plunge to sagging demand and some distortions from the Lunar New Year holiday. But the economists said that the two months together, the data looked weak. And China's biggest brokerage, Citic Securities, hit People’s Insurance Group or China                                                                                                                                                                                                                  601319, [9459007] with a rare sell rating, according to Reuters. Those shares pay 4% in Hong Kong, after falling as much as 10%…

U.S. stock futures on Friday, pointing to a fifth session of unloading for Wall Street, after a slump in Chinese exports piled on corporate global slowdown. Investors are also provided for U.S. Pat. jobs data due later.

How did major indexes fare?

Dow Jones Industrial Average futures














YMH9, -0.31%

fell 79 points, or 0.3%, to 25.425, while S&P 500 futures














ESH9, -0.35%

were down 9.35 points, or 0.4%, to 2,745.5 and Nasdaq-100














NQH9, -0.50%

futures dropped 35 points, or 0.5%, to 7.021.

On Thursday, the Dow Jones Industrial Average














DJIA, -0.78%

fell 200.23 points, or 0.8%, two 25,473.23. The S&P 500 index














SPX, -0.81%

dropped 0.8% to 2.748.93 and the Nasdaq Composite Index














COMP, -1.13%

shed 1.1%, to 7,421.46

With one session left, the Nasdaq is facing a 2.2% drop for the week, while the Dow industrial and S&P 500 are off around 2% each.

Tumbling 4.4%, Chinese stocks logged their worst one-day percentage drop since October on Friday, after the nation reported a 20% drop in February exports on the heels of a 9.1 % gain in January. Officials attributed the plunge to sagging demand and some distortions from the Lunar New Year holiday. But the economists said that the two months together, the data looked weak.

And China’s biggest brokerage, Citic Securities, hit People’s Insurance Group or China














601319, [9459007] with a rare sell rating, according to Reuters. Those shares pay 4% in Hong Kong, after falling as much as 10% at one point.

China’s news adds to global growth concerns, with investors still reeling from a more than expected European Central Bank, which announced new measures to support a slowing economy on Thursday. This includes fresh long-term loans to European financial institutions and a surprise payment on any interest rate increases until at least the end of the year.

Read: Why the ECB’s surprise policy moves a shiver through global stock markets

Other data on Friday showed sharply manufacturing in January, although December data was revised upward.

Investors are also bracing for U.S. Pat. jobs data Friday, with February nonfarm payrolls due at 8:30 am.m. Eastern Time, alongside the unemployment rate and average hourly earnings. Economists polled by MarketWatch are forecasting the creation of 178,000 new jobs, and a downward revision for January’s 304,000 spike.

And uncertainty was lingering over a U.S.-China trade deal. A New York Times report on Thursday said the two sides had reached a broad agreement, but Chinese officials were reportedly about the final terms of any deal.

How did other markets trade?

Asian stocks closed lower across the board, led by that big loss for the Shanghai Composite














SHCOMP, -4.40%

and a 2% drop for the Nikkei 225














NIK, -2.01%

Investors sought shelter in perceived safe haven assets such as the Japanese yen














USDJPY, -0.42%

which weighed on the U.S. dollar














DXY, -0.14%

Gold prices














GCJ9, + 0.67% also benefited.

+ 0.67%














CLJ9, -0.97%

prices fell along with equities

European stocks tracked global equities lower, with the Stoxx Europe 600 index














SXXP, -0.47%

falling 0.5%.

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