US Futures Drop in Wake of Argentina Default, Mixed Corporate Earnings

By Staff,

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U.S stock futures were sharply lower Thursday after Argentina again defaulted on debt and as corporate earnings were a mixed bag.

In economic data out today, weekly jobless claims for the week ended July 26, are expected to have risen to 305,000 from 284,000 the preceding week, according to data compiled by Econoday. The consensus range was for between 295,000 and 320,000 claims. Also out at 08:30 a.m. the employment cost index is expected to have gained 0.5% in Q2 over Q1, when the gain was 0.3%.

Later this morning, at 09:30 a.m., the Chicago PMI for July is expected to have edged up to 62.3 from 62.6 in June and within the consensus range between 61.0 and 65.0.

In equities, Alcatel-Lucent ( ALU ) dropped 9% before the bell, even after reporting higher sales and earnings. It said it is considering an initial public offering of its Submarine Networks unit. Whole Foods Market ( WFM ) fell 5% as it guided for lower FY14 sales than the market had expected. Open Text ( OTEX ) meanwhile jumped 12% after reporting Q2 results that beat estimates.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: ALU , WFM , OTEX

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