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U.S. Stock Futures Defensive After Turkey Shoots Down Russian Jet

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%

SENTIMENT

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

UPSIDE MOVERS:

(+) 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

DOWNSIDE MOVERS:

(-) 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

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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