U.S. stocks are following European and Asian markets lower
amid concerns about the global economy.
The S&P 500, Nasdaq and Dow Jones Industrial Average are
indicated to decline by one-quarter to one-third of a percent.
The declines were bigger overseas, with the Nikkei and Hang Seng
dropping about 1 percent after Japanese retail sales fell and
South Korean business confidence worsened.
In Europe, the confidence declined to the lowest level since
August 2009 as the continent's sovereign-debt problems continue
to drag on. Germany's DAX index fell by about three-quarter of
one percent, while France's CAC-40 fell 0.50 percent.
Attention will now turn to the U.S., where the Labor Department
will report weekly jobless claims and the Commerce Department
will report monthly income and spending data. Retailers are also
issuing monthly same-store sales. These American reports may help
sentiment because the numbers have been stronger on this side of
Commodities and foreign exchange are mixed. The greenback is
lower against the euro, but higher against the Canadian and
Australian currencies, so the typical correlations are not in
effect. Energy and metals futures are also mixed, while
agricultural foodstuffs are little changed.
In individual-company news, Pandora Media is rallying on a strong
quarterly report while Ciena Corp. is down 8 percent after
earnings missed expectations and revenue guidance for the current
quarter lagged expectations.
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