US Stock Futures Dip; All Eyes On Jobs Report
US stock futures tumbled in early pre-market trade, ahead of economic data. Data on motor vehicle sales for July will be released today. Data on nonfarm payroll employment for July and consumer spending for June will be released at 8:30 a.m. ET. The Markit PMI manufacturing index for July will be released at 9:45 a.m. ET, while The Reuter's/University of Michigan's consumer sentiment index for July will be released at 9:55 a.m. ET. The ISM manufacturing composite index for July and construction spending data for June will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average tumbled 105 points to 16,389.00, while the Standard & Poor's 500 index futures fell 12.90 points to 1,911.90. Futures for the Nasdaq 100 index dropped 28.50 points to 3,856.25.
A Peek Into Global Markets
European markets were lower today, with the Spanish Ibex Index falling 1.81%, STOXX Europe 600 Index dropping 1.49%. German DAX 30 index fell 1.98%, French CAC 40 Index declined 1.41% and London's FTSE 100 Index dropped 1.34%. Spain's manufacturing PMI dropped to 53.9 in July versus 54.6 in June.
In Asian markets, Japan's Nikkei Stock Average fell 0.63%, Hong Kong's Hang Seng Index tumbled 0.91%, China's Shanghai Composite Index dipped 0.74% and India's Sensex declined 1.60%. China's official manufacturing PMI surged to 51.7 in July versus 51 in June, while the HSBC China manufacturing PMI jumped to 51.7 in July from 50.7 in June.
Analysts at Raymond James upgraded Expedia (NASDAQ: EXPE) from Market Perform to Outperform. The target price for Expedia is set to $100.
Expedia 's shares gained 6.04% to $84.22 in pre-market trading.
- Weyerhaeuser Co (NYSE: WY) reported a 43% rise in its second-quarter profit. The Federal Way, Washington-based company posted a quarterly net profit of $280 million, or $0.47 per share, up from $196 million, or $0.35 per share, in the year-ago period. To read the full news, click here.
- Scientific Games (NASDAQ: SGMS) and Bally Technologies (NYSE: BYI) today announced that the companies have entered into a definitive merger agreement whereby Scientific Games has agreed to acquire all of the outstanding Bally common stock for $83.30 in cash per share, which represents a 38% premium to Bally's closing stock price on July 31, 2014. To read the full news, click here.
- Procter & Gamble (NYSE: PG) reported better-than-expected fiscal fourth-quarter profit. The Cincinnati, Ohio-based company posted a quarterly profit of $2.58 billion, or $0.89 per share, versus a year-ago profit of $1.88 billion, or $0.64 per share. Its adjusted earnings rose 20% to $0.95 per share. To read the full news, click here.
- Burger King Worldwide (NYSE: BKW) reported upbeat earnings for the second quarter. The Miami, Florida-based company posted quarterly earnings of $75.1 million, or $0.21 per share, compared to $62.9 million, or $0.18 per share, in the year-ago period. Its adjusted EPS came in at $0.25 per share. To read the full news, click here.
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