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US Stock Futures Signal Lower Start On Wall Street

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US stock futures are lower this morning, as sovereign debt worries hit Europe. Futures on the Dow Jones Industrial Average dipped 124 points to 12,342.00 and futures on the S&P 500 stock index fell 13.50 points to 1,314.30. Nasdaq 100 futures dropped 24.25 points to 2,319.25.

US stocks closed lower on Friday, with the Dow Jones industrial average dropping 0.74% to 12,512.04, the broader Standard & Poor's 500 index declining 0.77% to 1,333.27 and the NASDAQ composite index dipping 0.71% to 2,803.32.

The Chicago Fed national activity index for April will be released at 8:30 a.m. ET.

Perry Ellis International Inc (NASDAQ: PERY) is projected to report its Q1 earnings at $0.99 per share on revenue of $277.07 million. Krispy Kreme Doughnuts Inc (NYSE: KKD) is projected to report its Q1 EPS at $0.09 on revenue of $96.55 million. Campbell Soup Company (NYSE: CPB) is estimated to post its Q3 earnings at $0.52 per share on revenue of $1.80 billion.

Tech Data Corporation (NASDAQ: TECD) is expected to post its Q1 EPS at $1.05 on revenue of $6.40 billion. Perfect World Co Ltd (NASDAQ: PWRD) is expected to report its Q1 EPS at $0.55 on revenue of $99.56 million.

China Fire & Security Group Inc (NASDAQ: CFSG) agreed to be purchased by Amber Parent Ltd, an affiliate of funds managed by Bain Capital Partners LLC and Amber Mergerco Inc, for $265.5 million. Under the agreement, CFSG will receive $9 per share in cash, representing about 23% premium over the stock's closing price on Friday.

Asian markets ended lower, with Japan's Nikkei Stock Average dropping 1.52%, Australia's S&P/ASX 200 moving down 1.77% and China's Shanghai Composite declining 2.93%. Hong Kong's Hang Seng Index dipped 2.11% and India's Sensex fell 1.88%.

European markets were lower today. The STOXX Europe 600 Index has dropped 1.40%, London's FTSE 100 Index moved down 1.66%.

Fitch Ratings downgraded Greece and Standard & Poor's lowered outlook for Italy on Friday.

The euro dropped 0.9% to $1.3983 against the dollar.

Light crude for July delivery fell $2.81 to $97.29 a barrel in electronic trading on the Globex market.

Read more from Benzinga's Markets.

 

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