US Stock Futures Fall as Middle East Tensions Flare

New York (Nov 24)  Stock futures fell Tuesday alongside global markets as geopolitical tensions in Syria flared. S&P 500 futures were down 0.44%, Dow Jones Industrial Average futures fell 0.38%, and Nasdaq futures slid 0.46%.

Overnight, the Turkish military shot down a Russian fighter jet on the Syrian side of the Turkey-Syria border. Officials said the aircraft intentionally violated Turkish airspace. The incident marks another flare-up in already-tense relations in the region. 

European markets were sharply lower. Germany's DAX fell 1.1%, the CAC 40 in France dropped 1.6%, and the FTSE 100 in London slid 0.9%.

Investors will get another chance to assess the health of the U.S. economy in the third quarter with the release early Tuesday of the first revision to preliminary GDP numbers.  Economists expect the U.S. Commerce Department to upwardly revise growth to 2.1% from a previous reading of 1.5% on underestimated strength in consumer spending.

Bill Ackman's Pershing Square has upped its stake in Valeant Pharmaceuticals (VRX - Get Report) as shares continue to face pressure from accusations of sales fraud. The activist investment firm raised its stake to 9.9% from 5.7%. Valeant shares have nearly halved in value since mid-October. The stock was up 3% in premarket trading Tuesday. 

Activist investor Carl Icahn has disclosed a new 7.1% stake in Xerox (XRX - Get Report) to become the company's second-largest shareholder. Icahn called the company's shares "undervalued" and said he was looking to gain a position on the board. Shares climbed 3.7% in premarket trading.

Source: TheStreet