Markets

Stocks slip amid Europe weakness

Stocks are down slightly today, continuing to inch lower from Tuesday's record high.

S&P 500 futures are off 0.2 percent. Germany and France are down similar amounts, though the higher-risk countries of Italy and Spain fell almost 2 percent and 1 percent respectively. Asia was also weaker overnight, with Tokyo and Shanghai both dropping about 1 percent.

The S&P 500, Dow Jones Transportation Index and Dow Jones Industrials Average all pushed to new highs two days ago. They've been accompanied by gains in international stocks and emerging markets, while more domestic stocks in the Russell 2000 and Nasdaq 100 indexes have lagged.

Economic news has been mixed. Although retail sales missed expectations earlier this week, employment data has been strong. Japanese economic growth beat expectations last night, but Europe disappointed this morning. Today brings more key numbers: initial jobless claims, consumer prices and the New York Federal Reserve's Empire Manufacturing Index all at 8:30 a.m. ET. Housing-market data and the Philadelphia Fed's index come out later.

Technology giant Cisco Systems is higher by 7 percent after reporting better-than-expected profit and revenue. Chinese online-commerce company Vipshop Holdings rose 8 percent on strong results. Wal-Mart Stores, however, dropped 3 percent on a weak report. This afternoon brings results from Applied Materials, Autodesk, J.C. Penney and Nordstrom.

Commodities are slightly lower this morning, with oil and metals down less than half a percent. Euro weakness is the main story in currency markets after those weak growth numbers drove down interest rates across the Atlantic. The Japanese yen is slightly higher against the U.S. dollar.

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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