US Futures dip as growth worries; Fed in focus

U.S. stock index futures started the week cautiously on Monday, after skidding at the end of last week, as edgy investors waited for the Federal Reserve's monetary policy guidance and its implications of slowing global growth.

The Fed is expected to raise interest rates at the end of its two-day meeting on Wednesday, but investors are hoping for signs the central bank may ease up on rate hikes next year and spark a Santa Claus rally.

U.S. stocks are having their worst December performance in 16 years, weighed down by concerns ranging from trade talks to interest rates and a flattening treasury yield curve to uncertainty over the shape of Brexit.

The S&P 500 is down 5.8 percent so far this month and the Dow Jones Industrial Average is now more than 10 percent lower than its recent record closing high, joining the S&P and Nasdaq in what is known as correction territory.

Amid a slowing economy, President Xi Jinping will give a speech on Tuesday to mark the 40th anniversary of China's reforms and Beijing is expected to discuss key growth targets and policy goals for 2019 later in the week.

Goldman Sachs (GS.US) stock lost 1.78% by 8:02 AM ET (13:02 GMT) as Malaysia’s attorney general filed criminal charges accusing the company of the theft of billions of dollars from the country’s development fund.

Best Buy (BBY.US) stock tanked 5.91% after Bank of America-Merrill Lynch downgraded its recommendation on the company to underperform due to declining sales of electronics, including Apple’s (AAPL.US) iPhone, according to CNBC

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