Market Overview

US Stock Futures Drop Ahead Of GDP, Jobless Claims Data

US Stock Futures Drop Ahead Of GDP, Jobless Claims Data

Pre-open movers

US stock futures traded lower in early pre-market trade, ahead of economic data. Data on GDP growth for the second quarter and weekly jobless claims will be released at 8:30 a.m. ET. The pending home sales index for July will be released at 10:00 a.m. ET, while the Kansas City Fed manufacturing index for August will be released at 11:00 a.m. ET. Futures for the Dow Jones Industrial Average tumbled 37 points to 17,056.00, while the Standard & Poor's 500 index futures fell 4.60 points to 1,992.50. Futures for the Nasdaq 100 index dropped 8.25 points to 4,064.50.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index dropping 0.98%, STOXX Europe 600 Index falling 0.66%. German DAX 30 index dropped 1.18%, French CAC 40 Index declined 0.61% and London's FTSE 100 Index dropped 0.38%.

In Asian markets, Japan's Nikkei Stock Average fell 0.48%, Hong Kong's Hang Seng Index declined 0.71%, China's Shanghai Composite Index dropped 0.62% and India's Sensex gained 0.29%.

Broker Recommendation
Analysts at Morgan Stanley downgraded Williams-Sonoma (NYSE: WSM) from Overweight to Equalweight. The target price for Brown Forman has been lowered from $82 to $74.

Williams-Sonoma's shares closed at $74.89 yesterday.

Breaking news

  • Dollar General (NYSE: DG) reported in-line profit for the fiscal second quarter. However, the company's revenue missed analysts' estimates. To read the full news, click here.
  • Covidien plc (NYSE: COV) today announced that it has acquired Sapheon, Inc., a privately-held developer of venous disease treatments. To read the full news, click here.
  • Willis Ireland, part of Willis Group Holdings plc (NYSE: WSH) has today announced its acquisition of a range of Irish pension and financial advisory businesses from IFG Group plc. To read the full news, click here.
  • IBM (NYSE: IBM) today announced significant advances in Watson's cognitive computing capabilities that are enabling researchers to accelerate the pace of scientific breakthroughs by discovering previously unknown connections in Big Data. To read the full news, click here.

Posted-In: Morgan Stanley US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets


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