Market Overview

US Stock Futures Down Ahead Of Wholesale Trade Data

US Stock Futures Down Ahead Of Wholesale Trade Data

Pre-open movers

US stock futures dropped in early pre-market trade, ahead of wholesale trade data. Data on wholesale inventories for June will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average tumbled 51 points to 15,401.00, while the Standard & Poor's 500 index futures dropped 6.20 points to 1,687.50. Futures for the Nasdaq 100 index fell 6.50 points to 3,120.50.

A Peek Into Global Markets

European markets were mixed today, with the Spanish Ibex Index surging 0.05%, London's FTSE 100 index rising 0.20% and STOXX Europe 600 Index gaining 0.09%. German DAX 30 index dropped 0.23% and French CAC 40 Index fell 0.14%. French industrial production declined 1.4% in June versus May, while economists were estimating a 0.1% gain in industrial production. Greek industrial output climbed 0.4% y/y in June, versus a downwardly revised 5.2% fall in May.

Asian markets ended mixed after Chinese data. China's industrial production rose 9.7% y/y, versus a 8.9% growth in June. However, the country's retail sales rose 13.2% in July, versus a 13.3% growth in June. China's consumer price index increased 2.7% y/y in July, versus economist' expectations for a 2.8% rise. Australia's central bank lowered its calendar 2013 economic growth view to 2.25%, versus its earlier growth forecast of 2.5%. China's Shanghai Composite gained 0.36%, while Japan's Nikkei Stock Average rose 0.07%. Australia's ASX/S&P500 dropped 0.16% and Hong Kong's Heng Seng Index gained 0.70%.

Broker Recommendation

Analysts at Goldman Sachs downgraded Footlocker (NYSE: FL) from “buy” to “neutral.” The target price for Footlocker has been lowered from $41 to $37.

Footlocker's shares closed at $35.67 yesterday.

Breaking news

  • Magna International (NYSE: MGA) reported a 19% surge in its Q2 profit and lifted its sales outlook for the year. Magna lifted its sales view for the year to $33.3 billion-$34.7 billion, versus its earlier forecast of $32.6 billion to $34 billion. To read the full news, click here.
  • NextGen Healthcare Information Systems, LLC, a wholly owned subsidiary of Quality Systems (NASDAQ: QSII) and a leading provider of healthcare information systems and connectivity solutions, today announced it has selected Clinical Architecture's Symedical® Server for its terminology integration architecture. To read the full news, click here.
  • Acacia Research (NASDAQ: ACTG) announced today that a subsidiary has acquired a patent portfolio relating to semiconductor testing technology. To read the full news, click here.
  • EV Energy Partners LP (NASDAQ: EVEP) today announced that it, along with certain institutional partnerships managed by EnerVest., has signed an agreement to divest certain acreage in Ohio's Utica Shale for $284.3 million to an undisclosed buyer. To read the full news, click here.

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


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