U.S. stock futures fell Tuesday, as Wall Street struggled to maintain its momentum from the previous session. Futures tied to the Dow Jones Industrial Average were down 279 points, or 0.8%. S&P 500 and Nasdaq-100 futures dipped 0.6% and 0.5%, respectively. Sentiment across the globe was downbeat after disappointing data out of China and a surprise rate cut from the country’s central bank. Industrial production in China increased by 3.7% in July from the year-earlier period, missing expectations. Retail sales also grew less than expected from the year-earlier period. Meanwhile, the People’s Bank of China lowered rates by 15 basis points to 2.5%. However, the rate cut failed to soothe investor concerns and instead raised more worry about an emerging property crisis in the China. Shares of JPMorgan Chase, Citigroup, Wells Fargo and Bank of America were lower in the premarket. Those moves come after Fitch warned it may have to downgrade dozens of banks, including JPMorgan Chase. Last week, Moody’s lowered its rating on 10 U.S. while putting some big institutions on downgrade watch. Wall Street is coming off a winning session, led by a rally in Nvidia. While more upside may be in store for the market into year end, some on Wall Street, including BNY Mellon Wealth Management’s Alicia Levine, are bracing for more consolidation as yields hover near highs. “This is healthy,” she said on CNBC’s “Closing Bell” on Monday. “This is not the sign of a teetering market. This is a bit of consolidation, and it’s a place where you can really start to think about adding.” “We don’t like to try to time the market, it never works,” she added, noting that August and September are seasonally weak. A packed earnings week for the largest retailers kicks into gear Tuesday. Home Depot reported earnings per share and revenue that beat analyst expectations, pushing its stock slightly higher in the premarket. Later in the week, traders will parse releases from Target and Walmart. On the data front, July’s retail sales data came in higher than expected, indicating a stronger-than-expected consumer. Retail sales increased 0.7% month-over-month. Meanwhile, economists had estimated a 0.4% increase, according to Dow Jones. Asia-Pacific markets were mixed on Tuesday following key data from both Japan and China. Japan’s Nikkei 225 climbed 0.56% to end at 32,238.89, while the Topix was up 0.41% and closed 2,290.31 after the country saw its second quarter gross domestic product beat expectations. The economy grew 1.5% quarter on quarter and 6% on an annualized basis, compared to expectations of 0.8% and 3.1% respectively, according to economists polled by Reuters. In Australia, the S&P/ASX 200 climbed 0.38% to close at 7,305 as investors digested the Reserve Bank of Australia’s minutes for its August monetary policy meeting, where it unexpectedly held its benchmark rates at 4.1%. Hong Kong’s Hang Seng index extended losses and slid 0.94% in its final hour, while the CSI 300, a benchmark index for mainland Chinese markets, was down 0.2% and closed at 3,846.54. China saw a slew of economic data that disappointed expectations on Tuesday, including its industrial output and retail sales. China’s central bank also enacted a raft of rate cuts. South Korea’s markets are closed for a public holiday. Oil prices edged lower on Tuesday as sluggish Chinese economic figures were countered by Beijing unexpectedly cutting key policy rates for the second time in three months. Brent crude futures dipped 71 cents to $85.50 per barrel. U.S. West Texas Intermediate crude slipped 89 cents to $81.62 a barrel. Gold prices were languishing near six-week lows on Tuesday as bond yields continued to climb on expectations that U.S. interest rates are likely to stay higher for longer. Spot gold was down 0.2% at $1,903.34 per ounce, having matched its lowest level in 1-1/2 months hit on Monday. U.S. gold futures dropped 0.46% to $1,935.