Market Overview

US Stock Futures Down On Italy Debt Fears


US stock futures are lower this morning, as debt fears moved to Italy. Futures on the Dow Jones Industrial Average dropped 101 points to 12,388.00 and futures on the S&P 500 stock index fell 14.10 points to 1,304.50. Nasdaq 100 futures declined 20.75 points to 2,346.25.

US stocks closed lower on Monday, with the Dow Jones industrial average dipping 1.20% to 12,505.76, the broader Standard & Poor's 500 index dropping 1.81% to 1,319.49 and the NASDAQ composite index declining 2.00% to 2,802.62.

Shares of Alcoa Inc (NYSE: AA) fell about 1.1% in pre-market trading after the company reported downbeat second-quarter profit. Alcoa posted its quarterly profit at $322 million, or $0.28 per share, up from $136 million, or $0.13 per share, in the year-ago period. Excluding charges, Alcoa's income from continuing operations came in at $0.32 per share. Its revenue surged to $6.59 billion from $5.19 billion. However, analysts were expecting earnings of $0.34 per share on revenue of $6.32 billion.

Fastenal Company (NASDAQ: FAST) is projected to report its Q2 EPS at $0.30 on revenue of $688.58 million.

Novellus Systems Inc (NASDAQ: NVLS) reported a 9% rise in its second-quarter profit, but lowered projections for the third quarter. Its quarterly net income surged to $64.7 million, or $0.79 per share, from $63.3 million, or $0.66 per share, in the year-ago period. NVLS' sales increased to $350.2 million from $321.4 million. Analysts were expecting a profit of $0.76 per share on sales of $352.3 million.

Asian markets ended lower, with Japan's Nikkei Stock Average dropping 1.4262%, Australia's S&P/ASX 200 moving down 1.79% and China's Shanghai Composite declining 1.72%. Hong Kong's Hang Seng Index dipped 3.0611% and India's Sensex dipped 1.82%.

European markets were lower today. The STOXX Europe 600 Index has dropped 1.95%, London's FTSE 100 Index moved down 1.63%, German DAX 30 index fell 2.23% and France CAC 40 index dipped 2.35%.

The euro dropped 1% against the US dollar to trade at $1.3887.

The dollar index (DXY) surged 0.9% to 76.563.

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


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