US STOCKS-Futures drop after weak China data, dip in oil prices
* Futures down: Dow 61 pts, S&P 6.75 pts, Nasdaq 11.75 pts
By Tanya Agrawal
June 1 (Reuters) - U.S. stock index futures started the month on a dour note on Wednesday as falling oil prices and weak factory data from China worried investors.
* China's official factory activity gauge expanded only marginally in May, data showed, while a private survey showed conditions deteriorated for a fifteenth straight month.
* Oil prices fell on expectations of OPEC inaction on output as its focus stays firmly on market share, while concerns about China's economy weighed on the demand outlook.
* Data on Tuesday showed U.S. consumer confidence dipped, while a survey on business activity in U.S. Midwest also underwhelmed.
* That does not bode well for the Institute of Supply Management's manufacturing survey for May, due at 10 a.m. ET (1400 GMT), with traders saying that a weak reading could see chances of a rate hike in June recede.
* The Federal Reserve releases its Beige Book, a compendium of anecdotes on the health of the economy at 2 p.m.
* The central bank caught investors off guard earlier this month when it signaled its next rate hike could be as soon as its June 14-15 meeting. Continuación...