U.S. futures fall on sustained E.Z. fears; Dow Jones down 0.96%
Investing.com
Published Nov 15, 2011 07:04AM ET
Ahead of the open, the Dow Jones Industrial Average futures pointed to a drop of 0.96%, S&P 500 futures signaled a 1.24% fall, while the Nasdaq 100 futures indicated a 1.17% decline.
Market sentiment was hit after a rise in Italian and Spanish bond yields underscored the challenges facing European leaders as they continue to struggle to contain the region's debt crisis.
Meanwhile, data showed that the ZEW index of German economic sentiment declined significantly more-than-expected in November, falling to a three-year low of minus 55.2, as political uncertainty in Greece and Italy weighed on the outlook for the region.
The financial sector led losses as shares in Citigroup plunged 3.24% and Bank of America tumbled 2.58%, while Goldman Sachs and JP Morgan plummeted 2.33% and 2.19%.
Meanwhile, Bank of America saw shares sink 2.58%, although the sale of most of its shares in China Construction Bank earned the U.S. lender a strong profit, but also underlined that BofA, like other foreign financial groups, found strategic gain in the Chinese stake it built.
Elsewhere, shares in telecom equipment manufacturer, Huawei Technologies slipped 0.22% after announcing that it plans to buy the remaining 49% stake in a joint venture with Symantec Corp to bolster its corporate security solutions business. Symantec shares were down 1.05% after the news.
On the upside, Qualcomm saw shares advance 0.85%, while internet giants Google and Amazon rose 0.76% and 0.71%
Other stocks in focus included Wal-Mart, Dell and Home Depot, slated to post third-quarter results later in the day.
Across the Atlantic, European stock markets were sharply lower. The EURO STOXX 50 tumbled 2.20%, France’s CAC 40 dropped 2.09%, Germany's DAX declined 2.31%, while Britain's FTSE 100 posted a 1.33% fall.
During the Asian trading session, Hong Kong's Hang Seng Index dropped 1.2%, while Japan’s Nikkei 225 Index slumped 0.72%.
Later in the day, the U.S. was to release official data on retail sales and producer price inflation.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.