Investing.com - U.S. stock futures pointed to a lower open on Tuesday, after China devalued its currency by the most in two decades in a surprise move overnight.
China's central bank devalued the yuan by nearly 2%, allowing the currency to fall to levels last seen in 2012, in an effort to make the country's exports more competitive and boost the economy amid lackluster growth.
Figures released over the weekend showed that Chinese exports dropped 8.3% in July, their biggest fall in four months, while producer prices fell to a six-year low.
During early morning hours in New York, the blue-chip Dow futures fell 95 points, or 0.54%, the S&P 500 futures shed 10 points, or 0.48%, while the tech-heavy Nasdaq 100 futures declined 7 points, or 0.15%.
The U.S. is to publish preliminary data on unit labor costs and nonfarm productivity for the second quarter at 8:30AM ET. At 10:00AM, the country will release a report on wholesale inventories for July.
Google (NASDAQ:GOOGL) shares jumped 5.75% in pre-market hours to $701.28 from a closing price of $663.14 on Monday after the tech giant announced that it is creating a new organizational structure under a newly formed umbrella company called "Alphabet".
The creation of Alphabet will allow Google to separate its core web advertising business from newer ventures, such as research arm X Lab, investment unit Google Ventures and health and science operations.
Google co-founder and Chief Executive Larry Page will serve as Alphabet's chief executive officer, while fellow Google co-founder Sergey Brin will serve as president.
Symantec (NASDAQ:SYMC) shares rallied 7.3% after the company agreed to sell its Veritas data-storage and recovery business to Carlyle Group (NASDAQ:CG) for $8 billion in cash.
Shake Shack (NYSE:SHAK) surged 7.6% after reporting better-than-expected quarterly profit and sales after Monday's closing bell.
Kraft Heinz slumped 1.7% after the new company posted disappointing quarterly earnings on Monday in its first quarter since completing a mega multi-billion dollar merger in March.
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