Market Overview

US Stock Futures Tumble; World Bank Lowers Global Growth Outlook

US Stock Futures Tumble; World Bank Lowers Global Growth Outlook
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Pre-open movers

US stock futures dropped in early pre-market trade, ahead of earnings from H&R Block (NYSE: HRB). The World Bank lowered its global growth outlook to 2.8% for the year, versus its January forecast of 3.2%. Futures for the Dow Jones Industrial Average tumbled 70 points to 16,872.00, while the Standard & Poor's 500 index futures fell 9.40 points to 1,941.10. Futures for the Nasdaq 100 index dropped 18.75 points to 3,781.75.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index dropping 0.92%, STOXX Europe 600 Index declining 0.66%. German DAX 30 index fell 1.03%, French CAC 40 Index declined 0.82% and London's FTSE 100 Index dropped 0.58%. UK's unemployment rate dropped to 6.6% in the three months to April.

In Asian markets, Japan's Nikkei Stock Average rose 0.50%, Hong Kong's Hang Seng Index fell 0.25%, China's Shanghai Composite Index gained 0.12% and India's BSE Sensex fell 0.43%. India's exports climbed 12.4% y/y in May. The country's trade deficit widened to $11.23 billion in May, from $10.09 billion in April.

Broker Recommendation

Analysts at RBC Capital downgraded Boeing Company (The) (NYSE: BA) from “outperform” to “sector perform.” The target price for Boeing is set to $145.

Boeing's shares closed at $137.25 yesterday.

Breaking news

  • Aehr Test Systems (NASDAQ: AEHR) today announced it has received follow-on orders for increased FOX-15 wafer level burn-in and test system and WaferPak full wafer contactor capacity from a leading communication equipment manufacturer that will increase the manufacturer's burn-in capacity by 250%. To read the full news, click here.
  • Orexigen Therapeutics (NASDAQ: OREX) today announced that the United States Food and Drug Administration (FDA) has extended its review of the resubmitted New Drug Application (NDA) for NB32, the Company's investigational medication being evaluated for weight loss. To read the full news, click here.
  • Regeneron Pharmaceuticals (NASDAQ: REGN) and Bayer HealthCare (OTC: BAYRY) today announced that Bayer HealthCare has submitted an application to the European Medicines Agency (EMA) seeking marketing authorization in the European Union (EU) for EYLEA® (aflibercept) Injection for the treatment of macular edema following branch retinal vein occlusion (BRVO). To read the full news, click here.
  • AbbVie (NYSE: ABBV) today announced results from its multi-country ALIGN study, which shows that across six chronic immune-mediated inflammatory diseases (IMIDs), adherence to treatment was generally higher in patients being treated with TNF inhibitors compared to patients treated with conventional therapy. To read the full news, click here.

Posted-In: RBC Capital US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets


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