Markets

U.S. Stock Futures Extend Losses on Bearish Durable Goods, Chicago Fed Index

U.S. stock futures were extending earlier losses on further evidence of slower U.S. economic growth. The combination of a contraction in durable goods orders and significant deterioration in business activity according to the Chicago Federal Reserve has driven futures further into the red. Investors are also unnerved ahead of Fed Chair Janet Yellen's speech at the University of Massachusetts after the close, as well as lingering pressure on oil and industrial metals, a by-product of slower global economic growth, and a possible government shutdown.

Durable goods orders were down an as-expected 2.0% in August, and unchanged excluding transportation orders. July figures, however, were revised lower with the nominal revised to +1.9% from +2.0%, and the core revised to +0.4% from +0.6%.

Initial jobless claims increased by just 3,000 to 267,000 versus the consensus estimate for an increase of 11,000 to 275,000.

The Chicago Fed national activity index plummeted to -0.41 in August from an upwardly revised +0.51 in July.

The remaining economic data includes August new home sales, expected to increase 1.5% to 515,000, and the Kansas City Fed manufacturing index, last at -9.0.

-Dow Jones Industrial down 0.95%

-S&P 500 futures down 0.80%

-Nasdaq 100 futures down 0.99%

SENTIMENT

Nikkei down 2.76%

Hang Seng down 0.97%

Shanghai Composite up 0.86%

FTSE-100 down 0.63%

DAX-30 down 1.86%

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:

(+) ARWR (+36.68%) Positive hepatitis B infection treatment results

(+) CNAT (+15.68%) Reported top-line results from Multicenter Phase 2 Portal Hypertension clinical trials

(+) KERX (+13.52%) European Union approved Fexericx for treatment of hyperphosphatemia in patients with chronic liver disease

DOWNSIDE MOVERS:

(-) WOR (-12.48%) Fiscal Q1 earnings beat estimates, but dropped from year ago period

(-) OGXI (+2.80%) Addition of apatorsen did not extend survival rate of patients with metastatic pancreatic cancer

(-) DGI (-2.00%) Downgraded to neutral at JP Morgan, PT lowered by $3

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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