US Futures Drop on Government Shutdown Fears; Consumer Spending Gains 0.3%

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U.S. stock futures were lower amid concerns of the damage a government shutdown would do to the economy if lawmakers in Washington fail to reach a budget deal by Monday.

Meanwhile, continued uncertainty about the Federal Reserve's plans for slowing down asset purchases had investors anxiously waiting for more guidance from officials. Today, both the Boston and New York Fed Presidents will speak.

The Commerce Department said consumer spending increased 0.3% in August, in line with expectations. Also, the Thomson Reuters/University of Michigan consumer sentiment survey is due at 9:55 a.m.


In equities, J.C. Penney ( JCP ) fell 7.58% to $9.64 after pricing an 84 million share sale at $9.65. Blackberry ( BBRY ) rose 2.39% after reporting Q2 earnings per share in line with expectations.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial down 0.35%

-S&P 500 futures down 0.38%

-Nasdaq 100 futures down 0.42%

-Nasdaq-100 Pre-Market Indicator down 0.14%

GLOBAL SENTIMENT

Nikkei down 0.26%

Hang Seng up 0.35%

Shanghai Composite up 0.20%

FTSE-100 down 0.80%

DAX-30 down 0.13%

PRE-MARKET SECTOR WATCH

(-) Large cap tech: lower

(-) Chip stocks: lower

(+/-) Software stocks: mixed

(-) Hardware stocks: lower

(-) Internet stocks: lower

(-) Drug stocks: lower

(-) Financial stocks: lower

(-) Retail stocks: lower

(+/-) Industrial stocks: unchanged

(+/-) Airlines: lower

(-) Autos: lower

UPSIDE MOVERS

(+) NKE (+7.12%) Reaches 52-week high as Q1 EPS beat analyst expectations

(+) FINL (+8.31%) Q2 EPS and revenue topped forecasts, co raised 2014 sales guidance

(+) RDA (+8.36%) Received $15.50 per ADS takeover offer from Shanghai Pudong Science and Technology Investment Co

DOWNSIDE MOVERS

(-) ZOLT (-11.24%) Japan's Toray Industries to buy company for a discounted $16.75/Share

(-) NKTR (-20.29%) Chronic pain phase 2 study didn't meet primary endpoint

(-) FU (-14.99%) Reports suggest dilution of shares in merger deal with Wizzard Software



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.

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


This article appears in: Investing , Commodities

Referenced Stocks: BBRY , JCP

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As of 3/3/2015, 04:15 PM


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