(Reuters] – U.S. stocks index futures lost on Monday due to downbeat Chinese data that sparked new worries about a slowdown in global economic growth at a time investors are already worried by Federal Reserve aggressive policy tightening.

Chinese and European stock exchanges fell and oil dropped, as data indicated that China’s economic activity had declined sharply in April. Widening COVID-19 lockdowns had an adverse effect on production and consumption.

Wall Street ended Friday sharply higher, although the Nasdaq and Wall Street posted their longest weekly losing streaks since over a decade.

Investors were concerned that Federal Reserve aggressive interest rate rises to reduce decades-high inflation might hurt the U.S. Economy. This is despite the ongoing conflict in Ukraine, disruptions in supply chains and recent Chinese pandemic lockdowns further aggravating the crisis.

Goldman Sachs (NYSE 🙂 analysts have reduced their projection for U.S. GDP Growth to 2.4% by 2022, from 2.6% earlier. This is due to tighter financial conditions.

The S&P 500 and the tech-heavy Nasdaq have fallen 15.6% and 24.5%, respectively, so far this year, with growth stocks taking a sharp hit on concerns that bigger interest rate hikes could hurt their future cash flows.

Traders currently price in a nearly 82% chance for a Fed 50-basis point increase in June. [IRPR]

Other megacap growth companies like Microsoft Corp Premarket trading fell by 0.3% for Google (NASDAQ) (NASDAQ) (owner-Alphabet Inc., Amazon.com(NASDAQ)), Apple Inc. (NASDAQ) and Meta Platforms

Mixed results were seen at big banks, Bank of America (NYSE) falling 0.2%.

At 07:21 AM. ET fell 28 points or 0.09% and were down 11 point or 0.27%. They were also down 51.75, or 0.422%, at 07:21 a.m.

Now, the focus will be on the Tuesday retail sales report after worrying data on consumer sentiment and inflation last week.

Walmart Inc. Home Depot (NYSE: Target The Corporation (NYSE 🙂 is also expected to release their quarterly results in this week’s market.

Spirit Airlines The stock of (NYSE:) rose 17.1% following the hostile takeover by JetBlue Airways (NASDAQ;) for the discount airline. JetBlue shares slipped 1%.