US Stock Futures Fall Ahead Of GDP Data

Pre-open movers

US stock futures declined in early pre-market trading, ahead of economic data. Data on revised Q4 GDP will be released at 8:30 a.m. ET, while the Chicago PMI for February will be released at 9:45 a.m. ET. The Reuter's/University of Michigan's consumer sentiment index for February will be released at 9:55 a.m. ET, while the pending home sales index for January will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average tumbled 29 points to 16,243.00, while the Standard & Poor's 500 index futures fell 4.10 points to 1,849.80. Futures for the Nasdaq 100 index declined 8.50 points to 3,693.00.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index dropping 1.45%, London's FTSE 100 index dropping 0.21% and STOXX Europe 600 Index declining 0.48%. German DAX 30 index fell 0.12% and French CAC 40 Index declined 0.59%. Euro-zone inflation remained at 0.8% in February. French consumer spending declined 2.1% in January. Italian unemployment rate climbed to 12.9% in January.

Asian markets ended mostly higher today. Japan's Nikkei Stock Average declined 0.55%, Hong Kong's Hang Seng Index rose 0.04%, China's Shanghai Composite Index climbed 0.44% and India's BSE Index surged 0.43%. Japan's core consumer price index climbed 1.3% y/y in January, while retail sales surged 4.4% y/y in January.

Broker Recommendation

Analysts at Jefferies downgraded Deckers Outdoor (NASDAQ: DECK) from “buy” to “hold.” The price target for Deckers Outdoor has been lowered from $100 to $75.

Deckers Outdoor's shares fell 13.50% to $73.24 in pre-market trading.

Breaking news

• Mattel (NASDAQ: MAT) and MEGA Brands (OTC: MBLKF) announced today a definitive agreement for Mattel's acquisition, through a wholly-owned subsidiary of Mattel, Inc., of MEGA Brands for US$460 million. To read the full news, click here.
• Avis Budget Group (NASDAQ: CAR) announced Thursday that it has agreed to acquire its existing Budget Car & Truck Rental licensee in Edmonton, Alberta, Canada, comprising 26 rental locations in seven cities in total. To read the full news, click here.
• Pepco Holdings (NYSE: POM) reported a 35% rise in its fourth-quarter profit. For the year, Pepco projects earnings of $1.12 to $1.27 per share, versus analysts' estimates of $1.22 per share. To read the full news, click here.
• First Horizon National Corp. (NYSE: FHN) has entered into a definitive resolution agreement with the Federal Home Loan Mortgage Corp. regarding the loan repurchase process. To read the full news, click here.