Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

U.S. futures lower ahead of jobless data; Dow Jones down 0.49%

Stock MarketsMar 22, 2012 08:12AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Investing.com - U.S. stock futures were lower on Thursday, as downbeat Chinese and euro zone economic data weighed on sentiment while investors eyed a U.S. report on unemployment claims with hopes it will confirm a recovery of the domestic economy.

Ahead of the open, the Dow Jones Industrial Average futures pointed to a fall of 0.49%, S&P 500 futures signaled a 0.60% decline, while the Nasdaq 100 futures indicated a 0.50% loss.

Preliminary data showed earlier that manufacturing activity in the euro zone slumped unexpectedly in March, remaining in contraction territory for the eighth consecutive month, sparking concerns that the region’s economy is sliding back into a recession.

Service sector activity in the euro zone declined to the lowest level in four months in March.

The data came after a report showing that Chinese manufacturing activity contracted for a fifth consecutive month, underlining concerns over a possible slowdown in growth in the world’s second largest economy.

Energy stocks were expected to move lower following the weak data and after France said industrialized nations are considering a release from strategic stockpiles. Exxon Mobil saw shares drop 0.58% in pre-market trade, while Chevron fell 0.47%.

Meanwhile, copper producer Freeport-McMoRan was down 1.33% amid concern that a manufacturing contraction in China will erode demand for the base metal. Alcoa, the biggest maker of aluminum in the U.S., also lost 1.07% in pre-market trade.

Financial stocks were also slated to be active as euro zone lenders moved broadly lower. Bank of America shares tumbled 1.02% and Citigroup plunged 1.22% in pre-market trade.

Discover Financial Services also lost 1.11% although it posted better-than-expected quarterly profit for the eighth straight quarter, as more Americans used its credit cards, and the company said it was speeding up its expansion into international markets.

Elsewhere, McDonald's Corp's was expected to be in focus as the company’s chief executive Jim Skinner, who took the top post at the world's biggest hamburger chain after the abrupt departures of two predecessors, announced his retirement after more than seven years at the helm.

Also in company news, Japan's NEC Corp said it would buy U.S. telecoms firm Convergys Corp's business support operations, which span billing and client support services, for USD450 million, as it hunts for new telecom equipment sales abroad. Shares in Covergys were up 0.31% in pre-market trade.

Across the Atlantic, European stock markets were sharply lower. The EURO STOXX 50 plummeted 1.60%, France’s CAC 40 plunged 1.67%, Germany's DAX tumbled 1.50%, while Britain's FTSE 100 dropped 0.86%.

During the Asian trading session, Hong Kong's Hang Seng Index edged up 0.2%, while Japan’s Nikkei 225 Index rose 0.4%.

Later in the day, the U.S. was to publish official data on initial jobless claims, while Federal Reserve Chairman Ben Bernanke was to speak.


U.S. futures lower ahead of jobless data; Dow Jones down 0.49%
 

Related Articles

Apple, Microsoft, Alphabet Earnings: 3 Things to Watch
Apple, Microsoft, Alphabet Earnings: 3 Things to Watch By Investing.com - Jul 26, 2021

By Dhirendra Tripathi Investing.com -- Quarterly earnings take center stage this week, kicking off with Tesla Inc (NASDAQ:TSLA)’s results after the closing bell tonight. Investors...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email