Futures, Europe pull back from rallies
Evan McDaniel | email@example.com
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.