Market Overview

US Stock Futures Down After Downbeat Japan Data

US Stock Futures Down After Downbeat Japan Data
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Pre-open movers

US stock futures dropped in early pre-market trade, after a downbeat Japanese GDP report. Futures for the Dow Jones Industrial Average tumbled 60 points to 15,315.00, while the Standard & Poor's 500 index futures dropped 8.30 points to 1,677.90. Futures for the Nasdaq 100 index fell 13.50 points to 3,099.75.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.33%, London's FTSE 100 index dropping 0.33% and STOXX Europe 600 Index declining 0.33%. German DAX 30 index dropped 0.74% and French CAC 40 Index fell 0.26%.

Asian markets ended mostly higher. Japan's Q2 GDP grew an annualized 2.6%, versus a downwardly revised previous reading of 3.8%. However, economists were expecting a 3.6% growth. China's Shanghai Composite gained 2.39%, while Japan's Nikkei Stock Average fell 0.70%. Australia's ASX/S&P500 gained 1.10%, India's Sensex surged 0.84% and Hong Kong's Heng Seng Index jumped 2.13%.

Broker Recommendation

Analysts at Canaccord Genuity upgraded Lowe's Companies (NYSE: LOW) from “sell” to “hold.” The target price for Lowe's Companies has been raised from $28 to $48.

Lowe's shares closed at $45.68 on Friday.

Breaking news

  • Dana Holding Corporation (NYSE: DAN) today announced that it has entered into an Accelerated Share Repurchase agreement (ASR) with JPMorgan Chase Bank, National Association, whereby Dana will purchase $200 million of its outstanding shares of common stock. To read the full news, click here.
  • Tessera Technologies (NASDAQ: TSRA) announced today that FLIR Systems has acquired a significant portion of the assets of Tessera's Micro-Optics business based in Charlotte, North Carolina. To read the full news, click here.
  • Prudential (NYSE: PUK) reported a 22% rise in its operating profit for the first-half of the year. Prudential's operating profit for the period surged to 1.415 billion pounds ($2.2 billion), versus analysts' estimates of 1.4 billion pounds. To read the full news, click here.
  • DaVita HealthCare Partners (NYSE: DVA) today announced that its Board of Directors has declared a two-for-one split of its common stock in the form of a stock dividend. To read the full news, click here.

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


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