Dow Futures Slide; Weak China Data, Grim Chip Sector Outlook, Keep Bulls at Bay

Global stocks retreat, bonds rally, as weak China data has investors fleeing to safe-haven assets. Global oil markets remain nervous over developments in the Gulf region, where U.S. officials have blamed this week's attacks on tankers in the Strait of Hormuz on the Iranian government. Wall Street futures weaken into the opening bell, with investors looking to May retail sales data at 8:30 am Eastern time for more clues as to how the Fed could react on rates next week in Washington.