US Stock Futures Tumble Ahead Of Morgan Stanley Earnings

US stock futures traded lower in early pre-market trade, ahead of earnings from Morgan Stanley

. Data on weekly jobless claims and housing starts for June will be released at 8:30 a.m. ET. The general conditions index of the Philadelphia Fed's Survey will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average tumbled 71 points to 16,986.00, while the Standard & Poor's 500 index futures fell 12.60 points to 1,962.20. Futures for the Nasdaq 100 index dropped 26 points to 3,896.50.

European markets were lower today, with the Spanish Ibex Index falling 1.21%, STOXX Europe 600 Index dropping 0.90%. German DAX 30 index declined 0.98%, French CAC 40 Index tumbled 1.06% and London's FTSE 100 Index dropped 0.73%. In Asian markets, Japan's Nikkei Stock Average fell 0.06%, Hong Kong's Hang Seng Index declined 0.01%, China's Shanghai Composite Index dropped 0.57% and India's BSE Sensex gained 0.04%.

Analysts at Janney Capital upgraded Time Warner

from Neutral to Buy. The target price for Time Warner has been raised from $71.90 to $100. Time Warner's shares closed at $83.13 yesterday.