Markets

Stock Futures See Red After iPhone and Auto Sales Slow

Stock futures were trading lower on Wednesday with Nasdaq futures taking the brunt after Apple ( AAPL ) iPhone sales disappointed, and auto sales continued to decline, both viewed as a harbinger of waning consumer spending.

Dow futures were 25 points below fair value.

Wednesday's first round of economic data had little impact on equity futures, though it did send the dollar briefly higher. Automated Data Processing reported a 177,000 increase in private payrolls in April, slightly above estimates for a 170,000 gain. March was revised lower from a gain of 263,000 to +255,000.

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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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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