Market Overview

US Stock Futures Drop Ahead Of Consumer Spending Data

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US Stock Futures Drop Ahead Of Consumer Spending Data

Pre-open movers

US stock futures fell in early pre-market trade, ahead of economic data. Data on consumer spending for December and the employment cost index for the fourth quarter will be released at 8:30 a.m. ET. The Chicago PMI for January will be released at 9:45 a.m. ET, while the Reuter's/University of Michigan's consumer sentiment index for January will be released at 9:55 a.m. ET. Futures for the Dow Jones Industrial Average tumbled 126 points to 15,607.00, while the Standard & Poor's 500 index futures fell 13.90 points to 1,767.30. Futures for the Nasdaq 100 index dropped 15.75 points to 3,486.25.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 1.08%, London's FTSE 100 index dropping 0.79% and STOXX Europe 600 Index declining 0.86%. German DAX 30 index fell 1.32% and French CAC 40 Index declined 1.02%. Euro-zone inflation fell to 0.7% in January. French consumer spending fell 0.1% in December, while UK's consumer confidence index climbed to -7 in January.

Asian markets ended mixed today. Japan's Nikkei Stock Average tumbled 0.62% and India's BSE Sensex gained 0.08%. Japanese industrial output climbed 1.1% in December, while the core consumer price index rose 1.3% y/y in December.

Broker Recommendation

Analysts at Imperial Capital upgraded Marathon Petroleum (NYSE: MPC) from “in-line” to “outperform.” The price target for Marathon Petroleum has been raised from $76 to $98.

Marathon Petroleum's shares closed at $87.50 yesterday.

Breaking news

  • Google (NASDAQ: GOOG) shares gained 3.2% in pre-market trading after the company announced its fourth quarter results after the closing bell on Thursday. The search engine giant reported a Q4 EPS of $12.01 versus the Street estimate of $12.24. Earnings per share were up 13 percent from the year-ago period. Revenue came in at $13.6 billion versus the Street estimate of $16.72 billion. To read the full news, click here.
  • Mattel (NASDAQ: MAT) reported downbeat fourth-quarter results. Mattel's quarterly profit declined to $369.2 million, or $1.07 per share, from a year-ago profit of $306.5 million, or $0.87 per share. To read the full news, click here.
  • Amazon (NASDAQ: AMZN) tumbled 5.5% in pre-market trading after the company reported its fourth quarter results. The stock fell after the company reported worse-than-expected earnings results during the holiday shopping season. The online retail giant also guided lower-than-expected results for the first quarter, disappointing Wall Street. To read the full news, click here.
  • Clean Energy Fuels (NASDAQ: CLNE) announced today that Stephen Scully has been appointed to its board of directors. To read the full news, click here.
 

Related Articles (GOOG + MPC)

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

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