Wall Street Tumbles On China, Continuing Fed Fears

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Stock futures were lower on Monday after Wall Street took a nosedive last week, amid fears that the Fed’s stimulus measures may be winding down.

People's Bank of China refrained from pumping cash in to the economy, which accelerated losses on the Shanghai Composite, and closed at a 2013 low.

Stocks plunged last week after Fed Chairman Ben Bernanke hinted the central bank may scale back its stimulus program later this year.

In other news, Goldman Sachs became the latest bank to downgrade China's growth outlook, saying tighter financial conditions are a downside risk for the world's second largest economy.

There is no U.S. macro data today, but looking ahead on the economic calendar for Tuesday, economists will be eyeing durable goods orders, home prices, consumer confidence and new home sales.