Investing.com - U.S. stock futures pointed to losses at the open on Tuesday, tracking global equities lower as concerns over China’s outlook weighed on appetite for riskier assets while investors awaited U.S. housing data later in the day to gauge the strength of the U.S. economy.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a decline of 0.5%, S&P 500 futures signaled a 0.5% drop, while the Nasdaq 100 futures pointed to a loss of 0.45% at the open.
U.S. equities rose on Monday, as investors cheered Apple’s announcement of a USD10 billion annual dividend and share buy-back, lifting the S&P 500 to within 10% of its all-time closing high.
But global stock markets came under heavy selling pressure Tuesday as raw material producers and automakers performed poorly on concerns over a deeper-than-expected slowdown in Chinese economic growth.
Mining giant BHP Billiton fell 2.9% in premarket trade after its chairman reportedly said the miner was revaluating its capital-spending plans amid slowing growth in China. The company also said Chinese demand for iron ore was "flattening out."
The comments weighed on rivals Rio Tinto, which dropped 3.25%, while copper miner Freeport McMoran Copper & Gold declined 1.65%.
Automakers contributed to premarket losses after an official at China’s association of carmakers said auto sales will miss its forecast in 2012. General Motors saw shares slide 0.7%, while Ford dipped 0.5%.
Meanwhile, shares in software maker Adobe Systems tumbled 4% after the company said that earnings fell by 21% for its first fiscal quarter, as writedowns and weaker product sales offset revenue growth from subscriptions.
On the upside, Apple shares edged 0.4% higher ahead of the open after it revealed that it had sold 3 million of its new iPad tablet over the weekend, exceeding the tablet's two previous launches.
Fashion company Michael Kors Holdings saw shares climb 2.6% after it reported strong retail sales and raised its earnings outlook.
Luxury goods retailer Tiffany’s rose 2% after reporting fourth quarter revenue of USD1.19 billion, as sales grew in all regions.
Shares in software developer Oracle could be active, as the company was set to release company earnings after Tuesday’s closing bell. Contract manufacturer Jabil Circuit was also due to release earnings later Tuesday.
Across the Atlantic, European stock markets were sharply lower, as banks and miners weighed on indexes amid concerns about Chinese demand, while auto makers declined after China hiked gas prices.
The EURO STOXX 50 fell 1.1%, France’s CAC 40 sank 1.2%, Germany's DAX tumbled 1.3%, while Britain's FTSE 100 dropped 1.05%.
During the Asian trading session, Hong Kong's Hang Seng Index retreated 1.25%, while Japan’s Nikkei 225 Index remained closed for a public holiday.
Later in the day, the U.S. was to produce official data on building permits and housing starts. Meanwhile, Federal Reserve Chairman Ben Bernanke was to speak at an event in Washington; his comments would be closely watched.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a decline of 0.5%, S&P 500 futures signaled a 0.5% drop, while the Nasdaq 100 futures pointed to a loss of 0.45% at the open.
U.S. equities rose on Monday, as investors cheered Apple’s announcement of a USD10 billion annual dividend and share buy-back, lifting the S&P 500 to within 10% of its all-time closing high.
But global stock markets came under heavy selling pressure Tuesday as raw material producers and automakers performed poorly on concerns over a deeper-than-expected slowdown in Chinese economic growth.
Mining giant BHP Billiton fell 2.9% in premarket trade after its chairman reportedly said the miner was revaluating its capital-spending plans amid slowing growth in China. The company also said Chinese demand for iron ore was "flattening out."
The comments weighed on rivals Rio Tinto, which dropped 3.25%, while copper miner Freeport McMoran Copper & Gold declined 1.65%.
Automakers contributed to premarket losses after an official at China’s association of carmakers said auto sales will miss its forecast in 2012. General Motors saw shares slide 0.7%, while Ford dipped 0.5%.
Meanwhile, shares in software maker Adobe Systems tumbled 4% after the company said that earnings fell by 21% for its first fiscal quarter, as writedowns and weaker product sales offset revenue growth from subscriptions.
On the upside, Apple shares edged 0.4% higher ahead of the open after it revealed that it had sold 3 million of its new iPad tablet over the weekend, exceeding the tablet's two previous launches.
Fashion company Michael Kors Holdings saw shares climb 2.6% after it reported strong retail sales and raised its earnings outlook.
Luxury goods retailer Tiffany’s rose 2% after reporting fourth quarter revenue of USD1.19 billion, as sales grew in all regions.
Shares in software developer Oracle could be active, as the company was set to release company earnings after Tuesday’s closing bell. Contract manufacturer Jabil Circuit was also due to release earnings later Tuesday.
Across the Atlantic, European stock markets were sharply lower, as banks and miners weighed on indexes amid concerns about Chinese demand, while auto makers declined after China hiked gas prices.
The EURO STOXX 50 fell 1.1%, France’s CAC 40 sank 1.2%, Germany's DAX tumbled 1.3%, while Britain's FTSE 100 dropped 1.05%.
During the Asian trading session, Hong Kong's Hang Seng Index retreated 1.25%, while Japan’s Nikkei 225 Index remained closed for a public holiday.
Later in the day, the U.S. was to produce official data on building permits and housing starts. Meanwhile, Federal Reserve Chairman Ben Bernanke was to speak at an event in Washington; his comments would be closely watched.