(For a live blog on the U.S. stock market, click or type LIVE/ in an Eikon news window.)
* IMF cuts global growth forecasts for the second time in 3 mths
* J&J up on Q4 rev beat; Halliburton drops on flat rev growth
* Near 2 pct slide in oil hits energy stocks
* Futures drop: Dow 0.59 pct, S&P 0.66 pct, Nasdaq 0.85 pct
By Shreyashi Sanyal
Jan 22 (Reuters) - U.S. stock index futures fell on Tuesday, as investors were hit by fears of global economic slowdown after the International Monetary Fund trimmed its growth forecasts in a week of heavy corporate earnings.
The gloomy IMF forecasts, released on Monday, predicted the global economy will grow at 3.5 percent in 2019 and 3.6 percent in 2020, down 0.2 and 0.1 percentage point respectively from last October’s forecasts.
The downgrades reflected weakness in Europe and were on the same day China released data that confirmed its slowest growth rate in 28 years, adding to fears of a global economic slowdown.
A survey by auditing and accounting giant PwC offered investors little hope after it showed 29 percent of nearly 1,400 CEOs believed global economic growth will decline over the next 12 months, the highest percentage since 2012.
At 7:19 a.m. ET, Dow e-minis were down 145 points, or 0.59 percent. S&P 500 e-minis were down 17.75 points, or 0.66 percent and Nasdaq 100 e-minis were down 57.75 points, or 0.85 percent.
The bigger-than-expected slowdown in China stoked concerns about fuel demand, which contributed to a near 2 percent fall in oil prices and weighed on energy stocks.
U.S.-listed Chinese stocks tumbled in premarket trading along with chip stocks, which get a large portion of their revenue from China. Advanced Micro Devices Inc fell 1.4 percent, while Micron Technology Inc dropped 1.3 percent.
U.S. stocks are coming off their fourth straight weekly rise after a strong rally in January put the benchmark S&P 500 index on track for its best monthly gain since March 2016.
With earnings season moving into top gear, analysts have lowered their fourth-quarter earnings forecast for S&P 500 companies to 14.2 percent year-over-year growth from 20.1 percent estimated on Oct. 1, according to IBES data from Refinitiv.
Johnson & Johnson shares rose 1.2 percent after the healthcare giant reported fourth-quarter revenue above Wall Street estimates, helped by strong demand for its drugs to treat cancer and psoriasis.
Halliburton Co fell 1.5 percent after the oilfield services provider reported flat growth in quarterly revenue. Its shares momentarily rose 0.6 percent after results before reversing course.
On the macro front, the National Association of Realtors is likely to report that U.S. existing home sales in December dropped to 5.24 million units from 5.32 million units in the previous month. Data expected at 10 a.m. ET (1500 GMT). (Reporting by Shreyashi Sanyal and additional reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur)