NEW YORK�U.S. stock futures lost ground, as weaker European markets helped spark a pullback from the recent run of gains.
About 90 minutes ahead of the open, Dow Jones Industrial Average futures declined 39 points, or 0.3%, to 13891. The Dow rose 149 points, or 1.1%, on Friday to close above 14000 for the first time since October 2007.
In the Markets- Morning MarketBeat: Beyond Dow 14000, Smooth Sailing May Be Difficult
- Live: Markets Pulse
Standard & Poor's 500-stock index futures eased four, or 0.3%, to 1503 and Nasdaq 100 futures fell six points, or 0.2%, to 2751. Changes in stock futures don't always accurately predict stock moves after the opening bell.
On the economic calendar, factory orders for December, due at 10 a.m. EST, are expected to show a rise of 2.2% on the month.
European markets traded broadly lower, with the Stoxx Europe 600 down 0.6%, as sharp declines in Spanish and Italian stocks hit sentiment.
Spain's IBEX 35 index slid 2% and government bond yields rose amid worries of political corruption. Prime Minister Mariano Rajoy promised to disclose his tax returns and financial assets in order to stem a scandal over allegations of cash payments to him and other party leaders.
Separately, Italy's FTSE MIB slumped 2.4% amid a criminal investigation into derivatives trading by banks. Also, former Prime Minister Silvio Berlusconi, who is gaining popularity in pre-election polls, promised to lower taxes if elected later this month, which many fear suggests the country could put pressure on the budget.
But Asian markets were mostly higher after data released over the weekend showed a continued expansion in China's services sector in January. China's Shanghai Composite rose 0.4% and Japan's Nikkei Stock Average gained 0.6%. China's official nonmanufacturing purchasing managers index rose to 56.2 in January from December's 56.1 to mark the fourth-straight month of gains.
Front-month March crude-oil futures fell 1% to $96.80 a barrel, while February gold futures gave up 0.4% to $1,662.50 an ounce. The dollar rose against the euro, but slipped against the yen.
In corporate news, shares of Herbalife dropped 9.9% in premarket trading after The New York Post reported the company may be under investigation by the Federal Trade Commission.
Rockwell Medical soared 55% after the company announced positive results from a Phase 3 study of its treatment for iron deficiency in hemodialysis patients.
Humana reported fourth-quarter earnings that topped estimates. The health-care company's stock was unchanged in light premarket trading.
Simon Property Group's fourth-quarter earnings fell shy of forecasts, while revenue topped estimates, and provided a downbeat 2013 earnings outlook. The mall owner's stock was still untraded ahead of the open.
Wet Seal said it reduced its workforce by 35 positions, the bulk of which were in the corporate offices and chief operating officer Ken Seipel resigned. The women's apparel retailer's stock was still inactive.
CME Group said trading in January averaged 11.4 million contracts a day, down 2% from the same period a year ago, as declines in equities, energy and agricultural volume offset increases in foreign exchange, interest rates and metals. The stock was still untraded in the premarket.
Write to Tomi Kilgore at tomi.kilgore@dowjones.com
No comments:
Post a Comment