Markets

Futures Lower As Plummeting Chinese Trade Triggers Global Growth Worries

Stock futures were mixed with a defensive bias into Monday's open after a huge decline in China's trade surplus triggered worries over global economic growth. As a result of a 15% drop in exports and -13% in imports, China's trade surplus fell to only CNY 3.08 bln from 60.6 bln in February. In addition, concerns about Q1 earnings are also weighing on U.S. equities with heavy-hitters from the banking sector, as well as Netflix ( NFLX ), General Electric ( GE ) and Intel ( INTC ) all reporting this week.

The otherwise heavy economic calendar this week gets off to a slow start with only the March Treasury budget last this afternoon (expected -$43.4 billion).

In corporate news, Qualcomm ( QCOM ) is trading higher in pre-market action in reaction to a report from the Wall Street Journal that activist investor Jana Partners is urging a breakup of the company.

Simon Property Group ( SPG ) and Sears Holdings (SHLD) have formed a joint venture to unlock additional value for Sears' real estate portfolio with Sears putting in 10 properties to the venture and Simon contributing cash.

-Dow Jones Industrial down 0.18%

-S&P 500 futures down 0.17%

-Nasdaq 100 futures up 0.01%

SENTIMENT

Nikkei down 0.01%

Hang Seng up 2.37%

Shanghai Composite up 2.16%

FTSE-100 down 0.50%

DAX-30 down 0.19%

PRE-MARKET SECTOR WATCH

(-) Large cap tech: Lower

(-) Chip stocks: Lower

(-) Software stocks: Lower

(+/-) Hardware stocks: Mixed

(-) Internet stocks: Lower

(+/-) Drug stocks: Mixed

(+) Financial stocks: Higher

(+) Retail stocks: Higher

(-) Industrial stocks: Lower

(-) Airlines: Lower

(+/-) Autos: Mixed

UPSIDE MOVERS:

(+) BLDR (+55.07%) Agrees to buy ProBuild Holdingsf or $1.63 bln in cash

(+) ABIO (+34.54%) FDA fast-track status for development of Gencaro for atrial fibrillation

(+) ARWR (+15.55%) Received approval from the U.S. FDA to proceed with the phase 2b study of ARC-520 hepatitis B treatment

(+) CLVS (+8.01%) Upgraded to buy at Goldman Sachs

(+) QCOM (+4.86%) Activist investor Jana Partners asked the company to spin off its chip-maker business,

DOWNSIDE MOVERS:

(-) SINA (-3.09%) China internet regulator reportedly threatens shutdown over censorship issues

(-) SYMC (-3.13%) Reportedly considering sale of Veritas unit

(-) SPG (-0.04%) To form join partnership with Sears Holdings (SHLD)

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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