<p>Jonathan Corpina, senior managing partner with brokerage firm Meridian Equity Partners Inc., weighs in on the Dow extending last week's losses amid global fears about China's economic outlook. </p><p>U.S. stocks fell over 1 percent on Monday, after Wall Street took a nosedive last week, amid fears that the Federal Reserve may begin to scale back its stimulus measures.</p><p>Global equities plunged on Monday after last week’s stimulus concerns, along with fears that China may begin to tighten its financial policy. The Shanghai Composite suffered its worst one-day sell off in nearly four years as the People's Bank of China refrained from pumping cash in to the economy.</p><p>The sharp pullback in global equities, bond prices and commodities follows last week’s plunge after Fed Chairman Ben Bernanke hinted in a press conference after a two-day FOMC meeting the central bank may scale back its stimulus program later this year.</p><p>Adding to global concerns, Goldman Sachs downgraded China's growth outlook on Monday, saying tighter financial conditions are a downside risk for the world's second largest economy.</p><p>Although there is no U.S. macro data Monday, on the economic calendar for Tuesday, economists will be keeping their eyes on durable goods orders for May released at 8:30am Eastern. Also on Tuesday, the Case-Shiller home prices and FHFA home prices for April are issued at 9:00am EST, and new home sales for May and onsumer confidence for June are reported at 10:00am EST.</p><p>As of 12:57pm EST, the Dow Jones industrial average .DJI was down 190 points, or 1.28 percent, at 14,609.33. The Standard & Poor's 500 Index .SPX was down 26 points, or 1.64 percent, at 1,566.32. The Nasdaq Composite Index .IXIC was down 51 points, or 1.52 percent, at 3,306.34.</p>
