U.S. stock-index futures slid, following equities’ biggest gain since May, as China’s currency devaluation sparked concern across global markets that the world’s second-largest economy is headed for a deeper slowdown.
General Motors Co. and Ford Motor Co. slipped more than 1.3 percent. Caterpillar Inc., Tiffany & Co. and Apple Inc. each lost at least 1.4 percent. Google Inc. advanced 5.7 percent after saying it will reorganize into a holding company to be called Alphabet Inc.
Standard & Poor’s 500 Index E-mini contracts expiring next month declined 0.7 percent to 2,084.75 at 8:44 a.m. in New York. Dow Jones Industrial Average futures slid 141 points, or 0.8 percent, to 17,412, after the underlying index on Monday snapped its longest losing streak since 2011.
“There’s more caution after a very strong day yesterday,” said Veronika Pechlaner, an investment manager at Ashburton Ltd. in Jersey, the Channel Islands. “The market is coming to terms on how much Asian exposure listed U.S. companies have.”
China devalued the yuan by 1.9 percent, the most in two decades, after data this month showed a plunge in exports, weaker-than-estimated manufacturing and a slowdown credit growth. The surprise move rippled through global markets, sparking selloffs in emerging-market currencies, commodities, and European auto and luxury stocks with exposure to China.

Commodities Retreat

Commodities declined amid speculation yuan weakness will erode the buying power of Chinese consumers. Alcoa Inc., the largest U.S. producer of aluminum, fell 2.4 percent. Exxon Mobil Corp. and Freeport-McMoRan Inc. lost at least 2 percent. Crude oil in the U.S. slumped 2.5 percent.
Investors will also look to corporate releases, as the earnings season draws to a close. Cisco Systems Inc. and News Corp. are among companies posting quarterly updates this week.
Of the S&P 500 members that have already reported, 74 percent beat profit estimates and about half topped sales projections. Analysts now project a more modest drop in second-quarter earnings, calling for a 2.1 percent fall instead of a 6.4 percent decline a month earlier.
Investors are also watching economic data to gauge when the Federal Reserve will raise interest rates for the first time since 2006. A report today showed worker productivity struggled to gain traction in the second quarter after slumping over the previous six months. The measure of employee output per hour increased at a 1.3 percent annualized rate from April through June. A Bloomberg survey of economists called for a 1.6 percent advance.
Unit labor costs, which are adjusted for efficiency gains, were forecast to be little changed, according to the Bloomberg survey median. They climbed 2.1 percent in the year ended June.
Among other shares moving on corporate news, Kraft Heinz Co. retreated 2.3 percent after quarterly sales missed estimates. Crane maker Terex Corp. jumped 22 percent after agreeing to merge with with Finnish competitor Konecranes Oyj.
Symantec Corp. added 2.5 percent after increasing its share buyback program, and as Carlyle Group LP said it will buy the security software maker’s Veritas data-storage unit for $8 billion in cash.