Markets

Futures Drift Lower As Lower Global Growth Forecasts, Cautious Investors Weigh on Equities

Futures remain defensive and are trading with modest losses into the open as Wall Street remains cautious given the dearth of market-moving economic news and a cut in global growth estimates from the World Bank to 2.8% from 3.2%. But the pressure on U.S. equities is mitigated by Tuesday's anemic rebound and momentum indicators that point to a continuation of the rally to new highs.

In corporate news, Bank of America ( BAC ) has reached an "impasse" with the Justice Department regarding its multi-billion dollar settlement concerning the banking giant's mortgage investments, according to the New York Times.

Google ( GOOG ) has paid $500 million for satellite-imaging company Skybox, allowing Google to obtain data from Skybox satellites, and eventually, provide global internet service through the use of balloons, drones and satellites.

Also, biotechs are weighed down by a nosedive in shares of Orexigen Therapeutics ( OREX ) following the decision by the FDA to delay a decision on the drug maker's obesity drug Contrave until September, originally scheduled for Thursday.

-Dow Jones Industrial down 0.40%

-S&P 500 futures down 0.46%

-Nasdaq 100 futures down 0.41%

SENTIMENT

Nikkei up 0.50%

Hang Seng down 0.25%

Shanghai Composite up 0.12%

FTSE-100 down 0.57%

DAX-30 down 0.97%

PRE-MARKET SECTOR WATCH

(-) Large cap tech: lower

(+/-) Chip stocks: mixed

(-) Software stocks: lower

(-) Hardware stocks: lower

(-) Internet stocks: lower

(-) Drug stocks: lower

(-) Financial stocks: lower

(+/-) Retail stocks: mixed

(-) Industrial stocks: lower

(-) Airlines: lower

(-) Autos lower

UPSIDE MOVERS:

(+) BIOF (-35.06%) Buys JBGL Builder Finance, units of JBGL Capital For $275 mln

(+) SYNA (+19.90%) Raised Q4 revenue guidance

(+) SPEX (+5.62%) Spherix and Charter Communications ( CHTR ) file joint stipulation of dismissal of lawsuit

DOWNSIDE MOVERS:

(-) OREX (-14.98%) FDA has delayed a decision on Contrave until September

(-) AAPL (-0.56%) EU regulators announced a formal investigation into tax practices

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) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

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