Market Overview

US Stock Futures Edge Lower Ahead of Economic Data

US Stock Futures Edge Lower Ahead of Economic Data

Pre-open movers

US stock futures dropped in early pre-market trade, ahead of economic data. Data on weekly jobless claims will be released at 8:30 a.m. ET, while the Markit PMI manufacturing index for December will be released at 8:58 a.m. ET. The ISM manufacturing composite index for December and construction spending data for November will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average tumbled 13 points to 16,481.00, while the Standard & Poor's 500 index futures declined 1.50 points to 1,839.60. Futures for the Nasdaq 100 index fell 7.50 points to 3,576.25.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.76%, London's FTSE 100 index dropping 0.42% and STOXX Europe 600 Index dipping 0.30%. German DAX 30 index declined 0.45% and French CAC 40 Index dropped 0.97%. Spanish manufacturing PMI surged to 50.8 in December, versus 48.6 in November. The euro-zone final reading of manufacturing PMI climbed to 52.7 in December, versus November's reading of 51.6. UK's manufacturing PMI dropped to 57.3 in December, versus a revised 58.1 in November.

Asian markets ended mostly lower today. China's Shanghai Composite dropped 0.31%, Hong Kong's Hang Seng Index gained 0.14% and India's BSE Sensex fell 1.19%. China's manufacturing PMI came in at 50.5 in December, versus the final reading of 50.8 in November, HSBC reported.

Broker Recommendation

Analysts at Wells Fargo downgraded Apple (NASDAQ: AAPL) from “outperform” to “market perform.”

Apple's shares rose 0.35% to $556.44 in pre-market trading.

Breaking news

  • Ascent Solar Technologies (NASDAQ: ASTI) announced today the signing of a definitive agreement to establish a joint venture entity with the Government of the Municipal City of Suqian in Jiangsu Province, China. To read the full news, click here.
  • Northwest Pipe Company (NASDAQ: NWPX) announced today that it has acquired Permalok Corporation, a fabricator of steel piping utilizing the Permalok patented interlocking pipe joining system. To read the full news, click here.
  • EPL Oil & Gas (NYSE: EPL) today announced it has executed a purchase and sale agreement to acquire oil and natural gas assets in the shallow-water central Gulf of Mexico (GOM) from Nexen Petroleum Offshore U.S.A.. for $70.4 million. To read the full news, click here.
  • Acacia Research (NASDAQ: ACTG) announced today that its Brandywine Communications Technologies LLC subsidiary has entered into a patent license and settlement agreement with Aastra USA. To read the full news, click here.

Posted-In: US Stock Futures Wells FargoNews Eurozone Futures Global Pre-Market Outlook Markets


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