U.S. stock futures are down slightly this morning as equities attempt to hold their ground after a modest pullback yesterday.
The S&P 500 is lower by about 0.2 percent, bucking much sharp losses overseas. Germany's DAX fell by more than 1.5 percent, and France's CAC-40 shed 2 percent as investors return to "worry mode" over economic growth and the continent's fiscal problems. Attention is now focusing on Spain, which faces protests over the prospect of increased austerity measures.
Asian markets fell by 1 percent to 2 percent, also on concerns about global growth. The economic picture has worsened in recent weeks, seen in German business confidence and weak forecasts from companies such as FedEx, Caterpillar, and now contract manufacturer Jabil Circuit.
Foreign-exchange markets are showing the typical patterns of risk aversion, with the euro, Canadian dollar, and Australian dollar all down against the U.S. dollar. The Japanese yen is higher across the board.
The direction of commodities is less clear. Oil and copper, which are most leveraged to the strength of the economy, are falling by more than 1 percent. Gold and silver, which usually enjoy something of a safe-haven status, are posting much smaller losses. Most agricultural foodstuffs are lower by more than 1 percent.
In company-specific news, JBL fell by more than 4 percent in extended trading yesterday after weak demand caused management to issue a forecast below analyst expectations. Synnex, a supplier of electronic components, also gave weak guidance and dropped almost 4 percent. Neither has traded yet in the pre-market today.
The main reports on today's calendar will be new home sales at 10 a.m. ET, which could provide a positive catalyst because U.S. housing has been one of the stronger segments of the economy. Oil inventories follow half an hour later, but those have been more bearish of late.
Trading News
Related Stories
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.
SPX
Chicago Fed data only calendar item
May 20, 2013
Today's only item is the Chicago Federal Reserve's index of economic activity at 8:30 a.m. ET. The report seldom moves broader sentiment.
SPX
Stocks attempt to stage a rebound
May 17, 2013
The main catalyst for the buyers appears to be coming from Asia, where Tokyo and Shanghai indexes rallied overnight amid positive Japanese economic data and signs that Chinese authorities will reduce economic regulations.
SPX
Equities are hovering at record levels
May 16, 2013
S&P 500 futures are indicated to open fractionally lower but have been nudging higher throughout the morning. The Nasdaq is up almost two-tenths of a percent after strong numbers from Cisco.
SPX
Equities in range after big gains
May 15, 2013
S&P 500 futures are little-changed, while most European indexes are posting small gains. Asian markets were mostly positive overnight, led by a 2 percent rally in Tokyo.
