By Georgi Kantchev 

U.S. stocks were poised to kick off the week under pressure as investors awaited a key Federal Reserve meeting amid mounting signs of slowing economic growth around the world.

Futures pointed to an opening loss of 0.1% for the S&P 500, following U.S. stocks' worst start to a December since 1980. Major indexes fell more than 5% last week.

In Europe, the Stoxx Europe 600 fell 0.7%, while most Asian markets rose.

The Federal Reserve will conclude its final policy meeting of the year Wednesday and while analysts widely expect the central bank to raise short-term interest rates, the focus will be on the Fed's outlook for next year.

Softening economic data and falling oil prices have led many traders to price in a more gradual course of rate increases for 2019. Remarks in November by Fed Chairman Jerome Powell, who said rates looked like they were "just below" neutral, a level that would neither speed nor hamper economic growth, are also guiding expectations.

The uncertainty comes amid a rocky stretch for financial markets, as trade frictions, worries about slowing global growth and geopolitical tensions have curbed risk appetite among investors in recent months.

"People are trying to put a price on stocks but there's lack of clarity out there about pretty much everything--the Fed, trade, China's economy, Brexit," said Thomas Hainlin, global investment strategist at U.S. Bank Wealth Management. "If the Fed gives a clear indication for next year's moves, that would clear some of the uncertainty."

The WSJ Dollar Index, which tracks the dollar against a basket of 16 currencies, was down 0.2%. The 10-year U.S. Treasury yield was fell slightly to 2.885% from 2.891% on Friday. Yields move inversely to prices.

Recent data indicating that economies in Europe and China are slowing has sparked worries that the malaise could spread to the U.S., despite relatively steady readings on the American economy.

"The U.S. economy is slowing but still doing fine," Mr. Hainlin said. "It's like a runner going from a fast speed to a more normal pace--he's still moving forward."

In China, investors are eyeing the Central Economic Work Conference amid expectations Beijing will take more potent measures to arrest an economic slowdown. The benchmark Shanghai Composite Index rose 0.2% on Monday.

Rising expectations for further monetary loosening and more government spending to boost the economy are helping support already cheap-looking Chinese stocks, said Zhu Chaoping, a Shanghai-based economist at J.P. Morgan Asset Management.

Investors were also were bracing for the latest moves on Brexit. U.K. Prime Minister Theresa May last week vowed to press on with efforts to win assurances from European Union leaders on sweetening the Brexit deal, but EU officials largely stood pat.

"In the aftermath of May's latest rebuff in Brussels, uncertainty will be heightened and the markets will be fearful of an increasingly damaging effect on the real economy," analysts at Société Générale said in a note to clients.

The British pound was volatile against the U.S. dollar, recently up 0.3%.

In Asia, Japan's Nikkei finished 0.6% higher while Hong Kong's Hang Seng was flat.

In commodities, Brent crude, the global oil price benchmark, rose 1.3% while gold was up 0.2%.

Shen Hong contributed to this article.

Write to Georgi Kantchev at georgi.kantchev@wsj.com

(END) Dow Jones Newswires

December 17, 2018 08:21 ET (13:21 GMT)

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