U.S. stock futures were defensive into Monday's open as a contraction in Chinese corporate profits and subsequent selling in Europe set Dow futures up for a triple-digit loss. Wall Street was also cautious in respect of this week's economic data, as well as remarks from Fed Presidents Charles Evans and John Williams later this afternoon.
In corporate news, Alcoa ( AA ) shares were higher after the steel maker said it would split into two companies. Media General ( MEG ) made a $4.1 billion offer for Nexstar ( NXST ), while Energy Transfer Entity ( ETE ) affiliate Energy Transfer Corp said it inked a deal to acquire Williams ( WMB ) for approximately $43.50 per share.
On the economic front, personal income increased a slightly below-consensus 0.3% in August, but was revised slightly higher in July to +0.5% from +0.4% initially.
Personal spending increased 0.4% last month, beating the estimated +0.3%. July was also revised upward to +0.4% from +0.3%.
Later this morning, the pending home sales index is expected to increase by 0.5% in August, while the September Dallas Fed manufacturing index should improve to a negative 9.0 from negative 15.8 in August.
-Dow Jones Industrial down 0.55%
-S&P 500 futures down 0.53%
-Nasdaq 100 futures down 0.59%
Nikkei down 1.32%
Hang Seng up 0.43%
Shanghai Composite up 0.27%
FTSE-100 up 1.58%
DAX-30 up 1.60%
PRE-MARKET SECTOR WATCH
(-) Large cap tech: Lower
(-) Chip stocks: Lower
(-) Software stocks: Lower
(-) Hardware stocks: Lower
(+/-) Internet stocks: Mixed
(+/-) Drug stocks: Mixed
(-) Financial stocks: Lower
(+/-) Retail stocks: Mixed
(-) Industrial stocks: Lower
(-) Airlines: Lower
(-) Autos: Lower
(+) MEG (+22.42%) Received a $14.50 per share offer from Nexstar Broadcasting ( NXST )
(+) OGXI (+12.15%) Announced positive Phase 3 Synergy trial data
(+) ATML (+6.86%) Cypress Semiconductor Corp (CY) is working on a takeover offer to rival an accord made earlier this month with Dialog Semiconductor Plc (DLG)
(-) VSTM (-50.62%) Stopped enrolling patients in COMMAND study of VS-6063
(-) VBLT (-6.79%) Reported positive Phase 2 data on VB-111 in combination with Bevacizumab
(-) RDS.A (-1.69%) Stopped exploration of offshore Alaska wells
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