Equity markets are pointing to a lower open after disappointing economic reports from Europe and ahead of U.S. productivity and cost figures for June at 8:30 a.m. ET.
S&P 500 futures are down 3.50 points, or 0.25 percent, to 1393.50 after the index closed above 1400 yesterday for the first time since early May. Nasdaq 100 futures are lower by 2.75 points, or 0.1 percent, to 2707.25 at the time of this writing.
The 1392 level in the S&P 500 futures held firm as the overnight low. The indexes came under pressure as the Bank of England sharply reduced its growth forecast, saying the effects of the European debt crisis are worse than originally estimated.
In addition to that news, European indexes have stalled today after industrial output and exports fell more than expected. The U.K. FTSE 100 is lower by 0.58 percent and the German DAX is down 0.56 percent after many indexes in the region hit four-month highs yesterday.
Asian equity indexes were mixed, with Japan's Nikkei 225 adding 0.88 percent and the Shanghai Composite rising 0.16 percent but Hong Kong's Hang Seng losing 0.04 percent.
Currency markets are favoring the dollar as U.S. and European bond yields retreat. The euro/dollar is lower by 0.42 percent to 1.2363, while the U.S. Dollar Index is up 0.2 percent to 82.41.
Commodity markets are weak across the board. Copper prices are down 0.77 percent to 3.41. Front-month crude-oil contracts are off 0.3 percent to 92.39 after trading as high as 94.42 yesterday. Spot gold prices are lower by 0.26 percent, or 4.30 points, to 1608.50.
Shares of U.S. banks are trading lower in reaction to the weak economic data from Europe, with Citigroup and Bank of America leading the downside.
Trading News
Related Stories
SPX
Global selloff hits equity indexes
May 23, 2013
S&P 500 futures are down almost 1 percent, while European indexes are lower by about 2 percent. The real declines came in Asia, where Japan's Nikkei plunged 7 percent and Hong Kong shed 2.5 percent.
SPX
Stocks keep climbing before Bernanke
May 22, 2013
S&P 500 futures are up about one-tenth of a percent ahead of the Fed chairman's appearance before Congress. Most European indexes are modestly lower but have been climbing in the last hour.
SPX
Bernanke fears weigh on sentiment
May 21, 2013
Now that employment, housing, and the global economy have improved, investors are growing nervous that the central bank will become less accommodative.
SPX
Corporate earnings lead the calendar
May 21, 2013
Corporate earnings are the main item on today's agenda as retailers Home Depot, Best Buy, Saks, and TJX report quarterly results.
SPX
Equities pull back after record close
May 20, 2013
S&P 500 futures are down two-tenths of a percent. European indexes have been falling modestly since the open and remain little-changed overall. Asian markets rallied overnight, led by Hong Kong and Tokyo.
