U.S. stock futures were down on Monday, putting Wall Street on track to take a breather after another positive week as traders braced for big retail profits.

Futures contracts linked to the Dow Jones Industrial Average fell 199 points, or 0.59%. S&P 500 and Nasdaq 100 futures fell 0.6% and 0.38% respectively.

Monday’s moves come after disappointing economic data out of China overnight. The country’s central bank also cut rates unexpectedly, raising concerns about China’s economic recovery.

“The clouds of recession are gathering globally. China’s economy contracted in 2Q. The United States experienced a ‘technical recession’. The flow of natural gas to Europe Over the past three months, we have revised down our forecast for global market growth to 2.5% per year in 2022, around 50bps below consensus and 40bps below consensus. ‘in May. We are approaching the bearish scenario of our May mid-year outlook,’ Morgan Stanley’s Seth Carpenter wrote in a note to clients on Sunday.

Last week, the S&P 500 advanced 3.25% to post its fourth consecutive positive week and its longest winning streak since 2021. The Nasdaq Composite ended the week up 3.08%, also for its fourth consecutive week. The Dow added 2.9%.

The gains came after economic data showed that inflationary pressures might ease a bit. The consumer price index remained stable from June to July, the producer price index recorded a surprise drop and import prices fell more than expected.

That helped ease investors who were eager to call the mid-June lows the bottom of the cycle. Just as many were quick to say that one month’s data doesn’t necessarily make it a reliable trend.

Investors await a week of earnings from major retailers, including Home Depot, Walmart and Target, and listen for clues about how their businesses have been affected by inflation and other macroeconomic challenges over the past quarter.

Retail sales data is also expected to be released this week.