A Peek Into The Markets: US Stock Futures Tumble

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. The manufacturing PMI for December will be released at 9:45 a.m. ET.

Futures for the Dow Jones Industrial Average dipped 250 points to 23,018, while the Standard & Poor’s 500 index futures traded fell 28 points to 2,477.25. Futures for the Nasdaq 100 index tumbled 109.75 points to 6,223.50.

Oil prices traded lower as Brent crude futures fell 0.7 percent to trade at $53.38 per barrel, while US WTI crude futures dropped 0.81 percent to trade at $45.04 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 1.23 percent, STOXX Europe 600 Index dropping 0.79 percent and German DAX 30 index declined 0.27 percent. The UK's FTSE index was trading lower by 0.50 percent, while French CAC 40 Index fell 1.53 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.31 percent, Hong Kong’s Hang Seng Index fell 2.77 percent, China’s Shanghai Composite Index dipped 1.15 percent and India’s BSE Sensex dropped 1 percent.

Broker Recommendation

Analysts at Morgan Stanley upgraded Baxter International Inc BAX from Equal-Weight to Overweight and raised the price target from $66 to $77.

Baxter shares fell 0.8 percent to $65.30 in pre-market trading.

Breaking News

• ProQR Therapeutics NV PRQR disclosed that it has received Fast Track designation from the FDA for QR-421a for usher syndrome type 2.
• Windstream Holdings Inc WIN reported the sale of EarthLink consumer internet business for $330 million in cash.
• BioCryst Pharmaceuticals, Inc. BCRX reported that it has initiated Phase 1 clinical trial of galidesivir for marburg virus disease and yellow fever.
• Adamis Pharmaceuticals Corp ADMP reported the submission of New Drug Application for its naloxone pre-filled syringe.