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Wall Street appeared set for another weak trading day on Tuesday, with stock futures extending losses after oil futures turned sharply lower and headed toward fresh multiyear lows.

Weak Chinese trade data also weighed on the trading mood as they reignited fears about global growth.

Extending earlier losses, futures for the Dow Jones Industrial Average

YMZ5, -1.08%

 shaved off 167 points, or 1%, to 17,589. Futures for the S&P 500 index

ESZ5, -1.12%

 fell 18.75 points, or 0.9%, to 2,062.25, while those for the Nasdaq-100 index

NQZ5, -1.14%

 lost 45.50 points, or 1%, to 4,655.50.

Stock futures were mired in red already from the beginning of Tuesday, but losses deepened as crude oil prices

CLF6, -2.39%

  fell below $37 a barrel. Energy futures were trading in positive territory earlier on Tuesday, but started to creep lower as volume picked up around the time U.S. traders kicked off their trading day.

“The downward momentum is quite strong,” said Eugen Weinberg, head of commodity research at Commerzbank, in emailed comments.

“Oil prices fell led by WTI on high trading volumes,” he said and noted volumes reached over 4,000 contracts in just a couple of minutes.

On Monday, U.S. stocks finished sharply lower as plunging oil prices walloped energy and materials stocks and partially undid some of Friday’s big rally. The S&P 500

SPX, -0.70%

 fell 0.7% as the energy sector slid 3.6%. The Dow Jones Industrial Average

DJIA, -0.66%

 dropped 117 points and the Nasdaq Composite

COMP, -0.79%

 gave up 0.8%.

Sentiment on Tuesday was also dented by the latest sign of slowing economic growth in the world’s second-largest economy, as weak global demand continues to weigh on China’s important manufacturing sector. Disappointing trade data showed exports in China fell for a fifth straight month in November, and sent markets lower in both Asia and Europe.

“Whether or not it’s the calm before the storm remains to be seen but those looking for a Santa rally may be left disappointed,” said Mike McCudden, head of derivatives at stockbroker Interactive Investor, in a note.

“While investors remain concerned over the imminent U.S. rate hike and weakness from China, there appears to be little to persuade them back in to equities. Furthermore, with this weighing on commodity prices, equities should remain under pressure in the near term,” he said.

Read: Here are the odds that U.S. stocks will rise in 2016

The Federal Reserve meets on Dec. 15 and 16 and is widely expected to raise interest rates for the first time in nearly a decade. The rate-hike expectations have boosted the dollar recently, with the ICE Dollar Index

DXY, -0.32%

 hitting a 13-year high last week. The index was slightly lower on Tuesday.

There were no Fed speakers on the calender ahead of the meeting as the central bank entered its “blackout period” on Tuesday.

Data: The NFIB small business index for November dropped by 1.3 points to 94.8 after three stagnant months.

Job openings for October are due at 10 a.m.

Movers and shakers: Chipotle Mexican Grill Inc.

CMG, -1.68%

 slid 5.7% in premarket trade after reports on Monday that several students at Boston College may have gotten sick from eating at the restaurant. Shares of Chipotle have been beaten down recently following dozens of cases of E. coli poisoning in several states linked to the burrito chain.

Staples Inc.

SPLS, -13.75%

 and Office Depot Inc.

ODP, -15.75%

 could be active in Tuesday’s trade after the company late Monday said they would fight the U.S. Federal Trade Commission’s decision to block Staples’s acquisition of Office Depot on antitrust grounds.

Toll Brothers Inc.

TOL, +0.08%

 was also in the spotlight after its fourth-quarter profit fell short of Wall Street expectations.

H&R Block Inc.

HRB, -0.54%

 fell 1.1% ahead of the bell after the tax services company on Monday posted weak quarterly results.

United Natural Foods Inc.

UNFI, +2.49%

 sank 14% premarket after the organic- and natural-foods distributor late Monday cut its guidance for the year.

Pep Boys-Manny Moe & Jack

PBY, +2.36%

 dropped 2.2% ahead of the open after Icahn Enterprises late Monday offered to buy the tire maker for $15.50 a share in cash.