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NEW YORK (CNNMoney) — U.S. stocks were set to open lower Monday, following world markets after China lowered its annual growth target. Investors anticipate a busy week full of news on Greece’s rescue package and the domestic labor market.

The Dow Jones industrial average (INDU), SP 500 (SPX) and Nasdaq (COMP) futures were all about 0.4% lower ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

World markets were in the red Monday, after Chinese Premier Wen Jiabao set a lower target for China’s economic growth, underscoring the need to make the country’s breakneck development more sustainable.

The government is aiming for economic growth of 7.5% in 2012, Wen said — lower than the goal for last year of about 8%. The Chinese economy often exceeds the official objective: last year it grew 9.2%.

On the domestic front, investors will head into the week looking for more evidence of a U.S. recovery under way, while keeping an tabs on developments on Europe’s debt crisis.

European leaders inked a pact on Friday aimed at ensuring fiscal discipline across the continent. However, they have yet to make a decision on the size of the “financial firewall” that many believe is necessary if countries like France and Spain face further distress.

Stocks closed modestly lower Friday, with the Dow snapping a three-week winning streak.

World markets: European stocks retreated in morning trading. Britain’s FTSE 100 (UKX) lost 0.5%, the DAX (DAX) in Germany dropped 1.1% and France’s CAC 40 (CAC40) shed 0.8%.

Asian markets ended lower. The Shanghai Composite (SHCOMP) closed down 0.6%, while the Hang Seng (HSI) in Hong Kong lost 1.4% and Japan’s Nikkei (N225) dropped 0.8%.

Economy: Reports are due Monday morning on the services sector and factory orders.

Last week, the ISM Manufacturing Index for February slipped to 52.4, from 54.1 in January. The February edition of the ISM Services Index is expected to come in at 56.0, down from 56.8 in the month prior.

January factory orders are expected to have decreased by 1.9%, according to a survey of analysts by Briefing.com, after ticking up by 1.1% in December.

Coming later in the week are data on consumer credit and the all-important monthly jobs report.

Companies: Online reviews site Yelp (YELP) will look to continue its momentum Monday, after shares spiked 64% to top $24 a share in their debut on the New York Stock Exchange Friday.

Currencies and commodities: The dollar strengthened against British pound, but fell versus the euro and the Japanese yen.

Oil for April delivery slipped 86 cents to $105.84 a barrel.

Gold futures for April delivery fell $11.20 to $1,698.60 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.98% from 1.99% late Friday.  To top of page

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