US futures dip on efforts to cool housing in China

By the Associated Press | March 4, 2013 | 8:29 AM EST

In this Monday, Feb. 25, 2013, photo, Trader Edward Curran, left, works on the floor of the New York Stock Exchange. Uncertainty over the outcome of a budget battle in Washington pushed world stock markets lower on Monday March 4, 2013. (AP Photo/Richard Drew)

NEW YORK (AP) — U.S. stock futures are following a sell-off in China after it put into place new measures to slow a white-hot housing market.

Dow Jones industrial futures fell 20 points to 14,054 Monday. The broader S&P futures have lost 1.7 points to 1,514.80. Nasdaq futures are down 7 points to 2,741.75.

China announced taxes on housing profits that will weigh on overall housing prices.

The U.S. is already seeing major industries affected by the debt crisis in Europe and a cooling economy in China, the world's second largest economy, would be felt here.

It is a light week for economic indicators until Friday when the Commerce Department releases its jobs report for February. Employers have added an average of 200,000 jobs a month from November through January.