U.S. futures steady ahead of economic reports; Dow Jones down 0.01%
Published May 15, 2013 06:20AM ET
Updated May 15, 2013 06:49AM ET
Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.01% loss, S&P 500 futures signaled a 0.08% decline, while the Nasdaq 100 futures indicated a 0.01% fall.
Stocks remained under pressure amid speculation over a possible near-term exit from the Fed’s asset purchase program after recent U.S. data indicated that the economic outlook is improving.
Separately, euro zone concerns also weighed after preliminary data showed that the bloc's gross domestic product fell 0.2% in the first quarter, more than the expected 0.1% fall, after a 0.6% decline in the previous quarter.
Internet-related stocks were expected to be active, amid reports Google plans to start a subscription music-streaming service as soon as this week that would compete with Spotify.
According to Bloomberg, Universal Music Group, Sony Music Entertainment and Warner Music Group have reached agreements to license songs.
In the tech sector, Sony was likely to remain in focus for the second consecutive session, after billionaire hedge fund investor Daniel Loeb called on the company to spin off its lucrative entertainment arm.
Shares tumbled 1.49% in pre-market trade.
In company news, Wal-Mart Stores said it won’t accept an agreement “at this time” to improve fire and building safety in Bangladesh that’s supported by labor monitoring groups and was signed by several retailers this week.
Across the Atlantic, European stock markets were mixed to higher. The EURO STOXX 50 added 0.21%, France’s CAC 40 edged up 0.17%, Germany's DAX eased up 0.08%, while Britain's FTSE 100 dipped 0.01%.
During the Asian trading session, Hong Kong's Hang Seng Index climbed 0.50%, while Japan’s Nikkei 225 Index surged 2.29%.
Later in the day, the U.S. was to release data on producer price inflation, industrial production, the capacity utilization rate and a report on manufacturing activity in New York State.
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Written By: Investing.com
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