cnn report stocks to slide lower

Stocks set to slide
Futures drop as overseas markets retreat on economic worries; investors await Fed policy meeting.
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LONDON (CNNMoney.com) -- U.S. stocks were poised for a rough start Monday as investors eyed a drop in overseas markets and braced for the upcoming Federal Reserve policy meeting.

At 4:25 a.m. ET, Nasdaq and S&P futures were lower, indicating a negative start for Wall Street.

Hanging over investors was a big drop in world markets. Stocks tumbled across Asia to finish sharply lower. European markets fell in morning trading.

Investors worldwide have their focus on the Federal Reserve, which kicks off a two-day policy meeting Tuesday. Markets are expecting the central bank to lower rates again after making an emergency cut last week.

They're also awaiting President Bush's State of the Union address and a batch of reports that may offer more clues about whether the U.S. economy is headed for a recession. Among the reports on tap this week is the government's closely watched reading on the labor sector, which is due on Friday.

On the earnings front, McDonalds (MCD, Fortune 500) and Verizon (VZ, Fortune 500) are set to report results before the market open Monday.

The Fed plays follow the leader