Market Overview

US Stock Futures Decline After China Data

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US Stock Futures Decline After China Data
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Pre-open movers

US stock futures traded lower in early pre-market trade, after China's manufacturing data. The Markit PMI services index for April will be released at 9:45 a.m. ET, while the ISM non-manufacturing index for April will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average tumbled 60 points to 16,387.00, while the Standard & Poor's 500 index futures fell 6.70 points to 1,867.70. Futures for the Nasdaq 100 index dropped 14.25 points to 3,565.00.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.98%, STOXX Europe 600 Index dropping 0.83%. German DAX 30 index fell 1.33% and French CAC 40 Index declined 1.12%. Euro-zone producer prices declined 0.2% in March from February.

In Asian markets, Hong Kong's Hang Seng Index tumbled 1.28%, China's Shanghai Composite Index gained 0.05% and India's BSE Sensex rose 0.18%. China HSBC PMI came in at 48.1 in April, versus a flash reading of 48.3.

Broker Recommendation

Analysts at Bank of America upgraded Informatica (NASDAQ: INFA) from “underperform” to “neutral.” The target price for Informatica is set to $37.

Informatica's shares closed at $35.91 on Friday.

Breaking news

  • Alexion Pharmaceuticals. (NASDAQ: ALXN) today announced that the U.S. Food and Drug Administration (FDA) has approved the Company's supplemental Biologics License Application (sBLA) providing regular approval for Soliris® (eculizumab) for the treatment of adult and pediatric patients with atypical hemolytic uremic syndrome (aHUS) to inhibit complement-mediated thrombotic microangiopathy (TMA). To read the full news, click here.
  • Cirro announced today that it has received a strategic investment from GE Ventures (NYSE: GE) as part of Cirro's Series A Funding Round which was previously announced October 9, 2013. To read the full news, click here.
  • Memorial Production Partners LP (NASDAQ: MEMP) announced today that it has signed a definitive agreement to acquire certain oil producing properties in Wyoming for a purchase price of approximately $935 million, subject to customary purchase price adjustments. To read the full news, click here.
  • Pfizer (NYSE: PFE) reported weaker-than-expected first-quarter revenue. Pfizer's quarterly profit slipped to $2.33 billion, or $0.36 per share, versus a year-ago profit of $2.75 billion, or $0.38 per share. To read the full news, click here.

Posted-In: Bank of America US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets

 

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