U.S. futures point lower on E.Z. debt woes; Dow falls 0.57%
Investing.com
Published Oct 03, 2011 08:31AM ET
Ahead of the open, the Dow Jones Industrial Average futures pointed to a drop of 0.57%, S&P 500 futures signaled a 0.58% decline, while the Nasdaq 100 futures indicated a 0.86% fall.
Market sentiment weakened as concerns over a potential Greek default grew after Greece's Prime Minister said on Sunday that the country would not meet deficit targets this year.
Finance ministers from the single currency bloc were to meet later Monday to discuss options for increasing the capacity of the region’s bailout fund, the European Financial Stability Facility.
Shares in the financial sector were broadly lower, with JPMorgan Chase tumbling 4.05% and Bank of America plummeting 3.62%, while Citigroup shares plunged 4.78% and Goldman Sachs saw shares sink 5.33%.
Semiconductor makers contributed to losses, with shares in Intel Corporation falling 3.94% and Micron Technology plummeting 14.14%; while technology firms IBM and Cisco Systems dropped 2.40% and 2.21% respectively.
On the upside, shares in food and beverage sectors posted gains, with Tyson Foods rising 1.46% and shares in Dr. Pepper Snapple Group climbing 1.62%.
Elsewhere, Eastman Kodak shares dipped 0.91%, extending Friday's losses amid rumors that the camera maker hired a law firm for advice on a major restructuring or bankruptcy filing.
Other stocks in focus included Yahoo, after Alibaba Group Holding's chairman Jack Ma said on Monday that he was "very interested" in buying the company.
Across the Atlantic, European stock markets remained broadly lower. The EURO STOXX 50 dropped 2.39%, France’s CAC 40 fell 2.35%, Germany's DAX tumbled 2.76%, while Britain's FTSE 100 eased down 1.63%.
During the Asian trading session, Hong Kong’s Hang Seng Index fell 2.84%, while Japan’s Nikkei 225 Index inched 0.01% lower.
Later in the day, the U.S. Institute of Supply Management was to publish data on manufacturing activity.
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Written By: Investing.com
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