US Stocks Turn Lower Amid Dallas Fed Taper Talk; Earnings Disappoint

By
A A A

US stock futures looked set to open lower Tuesday after a rally that saw the Dow once again flirting with a record high. In an otherwise light day on economic data, investors took cues from Federal Reserve Bank of Dallas President Richard Fisher who told CNBC that the Fed will have to start tapering its $85 billion-a-month asset purchasing program soon.

"We've changed and impacted the markets because of our intervention and I understand there's sensitivity, but markets should also bear in mind that this program cannot go on forever," he said.

"The real issue that markets care about is the forward guidance, what will we do after we stop this program or slow it and then stop it," he told CNBC.


Later today, Fisher will speak at conference in Australia. Atlanta Fed President Lockhart and Minneapolis Fed President Kocherlakota are also due to speak this afternoon.

Meanwhile, the Chicago Fed National Activity index was unchanged at 0.14.

In equities, Sarepta ( SRPT ) shed more than half its value before the bell, down 54.32% to $16.70, plunging below the 52-week range between $21.86 and $55.61, after saying the U.S. Food and Drug Administration thinks the company prematurely filed a new drug application for Eteplirsen to treat Duchenne muscular dystrophy.

At the other end of the spectrum, Vanda Pharmaceuticals ( VNDA ) surged 81.20% to $12.30, near the top end of the 52-week range between $2.92 and $13.47, after saying its Tasimelteon drug to treat Non-24-Hour Disorder has been shown in a study to be safe and well tolerated.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial down 0.09%

-S&P 500 futures down 0.20%

-Nasdaq 100 futures down 0.29%

-Nasdaq-100 Pre-Market Indicator down 0.18%

GLOBAL SENTIMENT

Nikkei up 2.23%

Hang Seng down 0.73%

Shanghai Composite up 0.82%

FTSE-100 down 0.33%

DAX-30 down 0.25%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+/-) Chip stocks: mixed

(+/-) Software stocks: mixed

(+/-) Hardware stocks: mixed

(+/-) Internet stocks: mixed

(+/-) Drug stocks: mixed

(-) Financial stocks: lower

(-) Retail stocks: lower

(+/-) Industrial stocks: unchanged

(+/-) Airlines: unchanged

(-) Autos: lower

UPSIDE MOVERS

(+) DISH (+3.16%) Q3 earnings beats expectations

(+) PERI (+12.54%) Beats on Q3, sets mixed guidance

DOWNSIDE MOVERS

(-) NWSA (-2.41%) Q3 earnings drop from year ago to miss expectations

(-) YGE (-7.78%) Posts Q3 loss in line with views

(-) HOLX (-13.23%) Guides Q1 below street; downgraded at RBC

(-) RAX (-9.45%) Q3 earnings miss views

(-) HSOL (-17.39%) Revenues slip 4%, EPS loss widens



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: SRPT , VNDA

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

Most Active by Volume

100,376,898
  • $17.62 ▲ 0.51%
83,231,837
  • $25.62 ▲ 1.91%
75,739,329
  • $111.78 ▼ 0.77%
65,297,937
  • $36.37 ▼ 1.76%
59,053,093
  • $47.66 ▲ 0.29%
53,482,350
  • $2.59 ▼ 0.38%
51,504,284
  • $7.34 ▲ 2.37%
51,434,656
  • $8.14 ▲ 6.96%
As of 12/19/2014, 04:15 PM


Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com