US Stock Futures Flat Ahead Of Economic Data, Wal-Mart Earnings

US stock futures traded mostly flat in early pre-market trade, ahead of economic data and earnings from Wal-Mart Stores

. The consumer price index for April, the Empire State manufacturing index for May and initial jobless claims data will be released at 8:30 a.m. ET. Data on Industrial production for April will be released at 9:15 a.m. ET, while the general conditions index of the Philadelphia Fed's Survey and the NAHB housing market index for May will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average dropped 2 points to 16,585.00, while the Standard & Poor's 500 index futures fell 1.30 points to 1,884.00. Futures for the Nasdaq 100 index gained 1.50 points to 3,597.75.

European markets were mixed today, with the Spanish Ibex Index dropping 0.56%, STOXX Europe 600 Index rising 0.01%. German DAX 30 index climbed 0.14%, French CAC 40 Index fell 0.17% and London's FTSE 100 Index gained 0.12%. The euro-zone GDP expanded 0.2% in the first quarter, versus estimates of a 0.4% gain. In Asian markets, Japan's Nikkei Stock Average dropped 0.75%, Hong Kong's Hang Seng Index rose 0.66%, China's Shanghai Composite Index fell 1.12% and India's BSE Sensex surged 0.38%.

Analysts at FBR Capital downgraded Urban Outfitters

from “outperform” to “market perform.” The target price for Urban Outfitters has been lowered from $44 to $37. Urban Outfitters' shares closed at $36.67 yesterday.