US STOCKS-Wall St to open lower on Fed, China worry

Mon Jun 24, 2013 9:07am EDT
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* Tenet Health to buy Vanguard Health for $4.3 bln

* Barrick Gold to lay off workers

* Keynote Systems to be acquired for $20 per share

* Futures off: Dow 108 pts, S&P 11.6 pts, Nasdaq 13 pts

By Chuck Mikolajczak

NEW YORK, June 24 (Reuters) - U.S. stocks were set for a lower open on Monday, following the worst weekly decline for the S&P 500 in two months, on concerns the U.S. Federal Reserve's stimulus may be drawing to a close and a cash crunch in China could further slow growth.

Banking shares in China tumbled to their biggest daily loss in almost four years after the People's Bank of China said banks needed to do a better job of managing their cash and lending as the central bank attempts to move the world's second largest economy away from credit-driven investment.

The S&P 500 has fallen 2.3 percent in June, putting the benchmark S&P index on track for its worst monthly performance since May 2012. The index is down 4.6 percent from its all-time closing high on May 21.

Concerns the Fed may be planning to reduce its stimulus pushed up yields on 10-year Treasuries to 2.6 percent, its highest level since August 2011.   Continued...