Market Overview

US Stock Futures Slip Ahead Of Consumer Credit Data

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US Stock Futures Slip Ahead Of Consumer Credit Data
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Pre-open movers

US stock futures declined in early pre-market trade. Data on consumer credit for July will be released at 3:00 p.m. ET. Futures for the Dow Jones Industrial Average tumbled 34 points to 17,083.00, while the Standard & Poor's 500 index futures fell 3.70 points to 2,002.30. Futures for the Nasdaq 100 index dropped 5.25 points to 4,081.25.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index dropping 0.73%, STOXX Europe 600 Index falling 0.90%. German DAX 30 index dropped 0.19%, French CAC 40 Index fell 0.42% and London's FTSE 100 Index dropped 1.11%. German adjusted exports rose by 4.7% on the month in July.

In Asian markets, Japan's Nikkei Stock Average gained 0.23%, Hong Kong's Hang Seng Index fell 0.20%, and India's BSE Sensex jumped 1.08%. Japan's current-account surplus narrowed 30.6% y/y to Y416.7 billion in July before seasonal adjustment. China's exports rose 9.4% y/y in August, while imports declined 2.4% y/y.

Broker Recommendation
Analysts at Morgan Stanley downgraded Ford Motor Company (NYSE: F) from Overweight to Underweight. The target price for Ford Motor has been lowered from $17 to $16.

Ford Motor's shares dropped 2.10% to $16.78 in pre-market trading.

Breaking news

  • Global Cash Access Holdings (NYSE: GCA) and Multimedia Games Holding Company (NASDAQ: MGAM) announced today that they have entered into a merger agreement whereby GCA has agreed to acquire all the outstanding common stock of Multimedia Games for $36.50 per share, for an aggregate purchase price of approximately $1.2 billion in cash. To read the full news, click here.
  • Campbell Soup Company (NYSE: CPB) reported in-line earnings for the fourth-quarter. However, the company issued a weak profit outlook for full year. To read the full news, click here.
  • GE (NYSE: GE) announced today it has signed a definitive agreement to sell its Appliances business to Electrolux for $3.3 billion. To read the full news, click here.
  • AK Steel Holding (NYSE: AKS) announced that it has commenced a registered offering of 35,000,000 shares of its common stock. To read the full news, click here.

Posted-In: Morgan Stanley US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets

 

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