Market Overview

US Stock Futures Edge Lower Ahead Of GDP Report

US Stock Futures Edge Lower Ahead Of GDP Report
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Pre-open movers

US stock futures traded slightly lower in early pre-market trade. Data on GDP growth for the fourth quarter will be released at 8:30 a.m. ET, while the Chicago PMI for February will be released at 9:45 a.m. ET. The University of Michigan's consumer sentiment index for February and the pending home sales index for January will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average dropped 15 points to 18,188.00, while the Standard & Poor's 500 index futures fell 3.40 points to 2,106.50. Futures for the Nasdaq 100 index declined 5.25 points to 4,456.50.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index dropping 0.23%, STOXX Europe 600 Index falling 0.20% and German DAX 30 index dropping 0.08%. French CAC 40 Index rose 0.13% and London's FTSE 100 Index fell 0.12%.

In Asian markets, Japan's Nikkei Stock Average rose 0.06%, Hong Kong's Hang Seng Index declined 0.32%, China's Shanghai Composite Index climbed 0.36% and India's BSE Sensex jumped 1.65%. Japanese retail sales declined 2.0% y/y in January, while industrial production gained 4.0% in January. Japan's core consumer price index rose 0.2% in January, versus a 0.5% growth in the prior month.

Broker Recommendation
Analysts at JP Morgan upgraded UIL Holdings (NYSE: UIL) from Underweight to Neutral and raised the price target from $43.00 to $52.00..

UIL Holdings shares climbed 23.01% to close at $52.07 yesterday.

Breaking news

  • Gap Inc. (NYSE: GPS) reported better-than-expected earnings for the fourth quarter on Thursday. To read the full news, click here.
  • Mondelez International (NASDAQ: MDLZ) today announced that, as part of its ongoing efforts to further focus its portfolio on snacking products, it has reached an agreement to sell its 50 percent interest in Ajinomoto General Foods, Inc. (AGF) to its joint venture partner, Ajinomoto Co., Inc. To read the full news, click here.
  • BGC Partners (NASDAQ: BGCP) and GFI Group Inc. (NYSE: GFIG) today announced the successful completion of BGC's tender offer for GFI shares. To read the full news, click here.
  • Concho Resources (NYSE: CXO) announced that it has priced an upsized public offering of 6,000,000 shares of its common stock for total gross proceeds (before underwriter's fees and estimated expenses) of approximately $650 million. To read the full news, click here.

Posted-In: JP Morgan US Stock FuturesNews Emerging Markets Eurozone Global Pre-Market Outlook Markets


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