U.S. futures lower on China PMI, U.S. data ahead; Dow Jones down 0.53%
Published Jul 03, 2013 06:44AM ET
Updated Jul 03, 2013 06:55AM ET
Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.53% decline, S&P 500 futures signaled a 0.58% loss, while the Nasdaq 100 futures indicated a 0.63% decline.
Markets were jittery after a government report showed that China’s non-manufacturing purchasing managers' index inched down to 53.9 in June from 54.3 in May.
Meanwhile, investors were looking ahead to a string of U.S. economic reports later in the day, as well as Friday’s U.S. nonfarm payrolls data, for further clues on when the Fed may decide to unwind its USD85 billion-a-month stimulus program.
Pharmaceutical companies were likely to be in focus, following reports Pfizer and Novartis may make preliminary bids for Onyx Pharmaceuticals.
On Sunday, Onyx turned down a roughly USD10 billion offer from Amgen. The company's shares dropped 0.52% in pre-market trade.
In the tech sector, Apple slid 0.42%, amid news the iPhone maker iring Paul Deneve, the former chief executive officer of luxury group Yves St Laurent, to work on special projects for CEO Tim Cook.
Elsewhere in company news, SoftBank's USD21.6 billion bid for mobile carrier Sprint Nextel won the support it needs from the last U.S. regulatory body reviewing the transaction. Sprint shares were down 0.56% in early trading.
Auto stocks were also expected to remain active, after General Motors reported strong sales last month.
Ford said the overall U.S. auto industry will report its best monthly sales rate since December 2007.
Across the Atlantic, European stock markets were sharply sower. The EURO STOXX 50 plunged 1.91%, France’s CAC 40 plummeted 1.68%, Germany's DAX retreated 1.61%, while Britain's FTSE 100 tumbled 1.59%.
During the Asian trading session, Hong Kong's Hang Seng Index dove 2.48%, while Japan’s Nikkei 225 Index slid 0.39%.
Later in the day, the U.S. was to release the ADP report on nonfarm payrolls, as well as the weekly government report on initial jobless claims one day ahead of schedule, and data on the trade balance.
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.