U.S. stock futures remained significantly lower into Tuesday's as an upward revision to third quarter GDP barely put a dent in the negative tone that was triggered by the downing of a Russian jet by Turkey. The development ignited a safe-haven flight out of risky assets and into the safety of gold and U.S. Treasury securities. European equities went into a freefall, dragging U.S. equities lower in sympathy.
U.S. economic growth expanded by an annual pace of 2.1% in the third quarter, revised upward from 1.5%, matching Wall Street expectations. The price index firmed to +1.3% from +1.2% previously.
Also, corporate profits contracted 1.6% in the third quarter, and the U.S. trade deficit of goods narrowed to $58.41 billion from a deficit of $58.63 billion.
The remaining economic data includes the September Case Shiller home price index (expected +0.3%), and November consumer confidence (expected 99.6 from 97.6 in October).
In corporate news, Tiffany's ( TIF ) reported a decline in profit and revenue due to the stronger dollar, Campbell's ( CPB ) raised 2016 earnings guidance, and Boulder Brands ( BDBD ) is being acquired by Pinnacle Foods ( PF ) for $975 million.
-Dow Jones Industrial down 0.63%
-S&P 500 futures down 0.68%
-Nasdaq 100 futures down 0.72%
Nikkei up 0.23%
Hang Seng down 0.35%
Shanghai Composite up 0.15%
FTSE-100 down 1.13%
DAX-30 down 1.51%
PRE-MARKET SECTOR WATCH
(-) Large cap tech: Lower
(-) Chip stocks: Lower
(-) Software stocks: Lower
(-) Hardware stocks: Lower
(-) Internet stocks: Lower
(-) Drug stocks: Lower
(-) Financial stocks: Lower
(-) Retail stocks: Lower
(-) Industrial stocks: Lower
(-) Airlines: Lower
( -) Autos: Lower
(+) AEZS (+34.39%) Building on Monday's 101.4% rally
(+) SUNE (+8.33%) Terminated continuum acquisition and sale of 400 MW of solar capacity in India
(+) PANW (+2.87%) Reported better-than-expected fiscal Q1 results
(-) BRCD (-7.53%) Reported upbeat fiscal Q4 results, but issued weak guidance for Q4
(-) SIG (-6.15%) Reported weaker-than-expected Q3 earnings
(-) TIF (-3.15%) Stronger dollar resulted in decline in profit and sales
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