Market Overview

US Stock Futures Fall Ahead Of Economic Data

US Stock Futures Fall Ahead Of Economic Data

Pre-open movers

US stock futures traded lower in early pre-market trade. The FHFA house price index for July will be released at 9:00 a.m. ET, while the Markit PMI manufacturing index (flash) for September will be released at 9:45 a.m. ET. The Richmond Fed manufacturing index for September will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average tumbled 40 points to 17,059.00, while the Standard & Poor's 500 index futures fell 5.60 points to 1,980.70. Futures for the Nasdaq 100 index declined 13.75 points to 4,039.00.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 1.09%, STOXX Europe 600 Index dropping 1.13%. German DAX 30 index fell 1.06%, French CAC 40 Index declined 1.63% and London's FTSE 100 Index dropped 1.26%. The euro-zone monthly composite PMI dropped to 52.3 in September, versus 52.5 in August.

In Asian markets, Japan's Nikkei Stock Average dropped 0.71%, Hong Kong's Hang Seng Index fell 0.49%, China's Shanghai Composite Index rose 0.87% and India's BSE Sensex tumbled 1.58%. Hong Kong's composite CPI increased 3.9% y/y in August. The preliminary reading of HSBC's manufacturing PMI surged to 50.5 in September, versus August's final reading of 50.2.

Broker Recommendation
Analysts at Canaccord Genuity downgraded Gordmans Stores (NASDAQ: GMAN) from Buy to Hold. The target price for Gordmans Stores has been lowered from $9 to $4.

Gordmans Stores' shares fell 1.10% to close at $3.61 yesterday.

Breaking news

  • CASI Pharmaceuticals (NASDAQ: CASI) announced the appointment of Rajesh C. Shrotriya, MD, Chairman and Chief Executive Officer of Spectrum Pharmaceuticals, Inc. to its Board of Directors. To read the full news, click here.
  • To accelerate its leading position in mobile advertising, Millennial Media (NYSE: MM) today announced it has signed a definitive agreement to acquire Nexage for approximately $107.5 million in cash and stock, subject to certain adjustments. To read the full news, click here.
  • Acacia Research (NASDAQ: ACTG) announced today that its Super Resolution Technologies LLC subsidiary has entered into a settlement and patent license agreement with Nikon Corporation and Nikon Instruments. To read the full news, click here.
  • Allergan (NYSE: AGN) is set to acquire Salix Pharmaceuticals (NASDAQ: SLXP) in a deal probably worth more than $10 billion, according to Dow Jones Newswires. To read the full news, click here.

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