Futures Erase Monday's Slim Gains On Concerns Surrounding Data, Fed Comments

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Stock futures are pointing to a lower open with investors unwilling to chase the market higher given the risk that economic data or comments from Fed officials this week are capable of upsetting expectations for the Fed to keep their foot on the accelerator through 2013. Yesterday's narrow range of 71 points in the Dow underscores fatigue in the financial markets after the impressive run-up in October, as well as developing resistance at the record highs.

Earnings continue to trickle in with better than expected earnings from AOL ( AOL ) and CVS Caremark ( CVS ) leading into today's anticipated earnings from Tesla ( TSLA ) and Coca Cola Bottling ( COKE ).

In Europe, markets were lower despite bullish Chinese and UK services PMI after the European Central Bank cut their growth forecasts for the EU, thus fueling expectation that the central bank could lower interest rates at this week's policy meeting.

-Dow Jones Industrial down 0.34%

-S&P 500 futures down 0.24%

-Nasdaq 100 futures down 0.35%

SENTIMENT

Nikkei up 0.17%

Hang Seng down 0.65%

Shanghai Composite up 0.35%

FTSE-100 down 0.55%

DAX-30 down 0.48%

PRE-MARKET SECTOR WATCH

(+) Large cap tech: lower

(+/-) Chip stocks: mixed

(-) Software stocks: lower

(-) Hardware stocks: lower

(+/-) Internet stocks: mixed

(-) Drug stocks: lower

(-) Financial stocks: lower

(+/-) Retail stocks: flat

(-) Industrial stocks: lower

(+) Airlines: higher

(-) Autos lower

UPSIDE MOVERS:

COCO (+10.00%) Reaffirmed its earnings guidance of $0.10-$0.15 per share with analysts looking for $0.04.

KERX (+14.50%) Zerenex drug met all primary and key secondary endpoints in phase 2 study of non-dialysis dependent chronic kidney disease patients.

GTAT (+24.22%) Apple Inc. ( AAPL ) struck a deal with GT Advanced Techology to provide sapphire material for use in Apple products.

DOWNSIDE MOVERS:

OWW (-14.41%) Q3 diluted net income fell to $0.11 per share from $0.14 the year earlier, missing analyst estimates of $0.13.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: AAPL , AOL , COKE , CVS , TSLA

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