US stock futures slip; Dow on track to halt 7-day runup
New York (Oct 13) US stock futures pointed to a lower open on Tuesday, with weak Chinese trade data getting blamed for the slip after a seven-session winning streak for the Dow industrials.
Investors are waiting for earnings from the likes of Johnson & Johnson , Intel Corp. and J.P. Morgan Chase & Co.
Dow Jones Industrial Average futures YMZ5, -0.42% recently traded down 91 points, or 0.5%, to 16,949, while those for the S&P 500 ESZ5, -0.46% dropped by 12.90 points, or 0.6%, to 1,998. Nasdaq 100 futures NQZ5, -0.57% declined by 32 points, or 0.7%, to 4,343.
China’s exports and imports fell in September as worldwide demand stayed soft, highlighting how the No. 2 economy is struggling. The weak Chinese trade reading “led Asia to close in the red,” with Europe and U.S. futures also lower, said Nour Al-Hammoury, chief market strategist at ADS Securities, in a note early Tuesday.
On Monday, the Dow DJIA, +0.28% closed higher for a seventh day in a row for its longest winning streak of 2015, while the S&P 500 SPX, +0.13% finished up 0.1%.
Movers & shakers: Shares of Johnson & Johnson JNJ, +0.53% could see active trade before the bell as the company is slated to report quarterly earnings.
After the market’s close, Intel Corp. INTC, -0.75% CSX Corp. CSX, -2.44% and J.P. Morgan Chase & Co. JPM, -0.23% are among the companies slated to post results.
U.S.-listed shares of Anheuser-Busch InBev NV BUD, +2.29% and SABMiller PLC SBMRY, -0.18% could see action after SABMiller’s board agreed on the key terms of a sweetened potential takeover offer by its beermaking rival. The deal would be valued at 68 billion pounds ($104.5 billion).
Other markets: Most Asian markets dropped after the soft Chinese trade data, though the Shanghai Composite SHCOMP, +0.17% ended slightly higher. Elsewhere, the Stoxx Europe 600 SXXP, -1.16% was trading more than 1% lower.
Oil futures CLX5, +0.04% stepped higher, while gold retreated GCZ5, -0.84% and the dollar DXY, -0.05% was little changed.
The U.S. economy: A reading on small business optimism is due at 6 a.m. Eastern Time, but there are no top-tier U.S. economic releases scheduled for Tuesday.
St. Louis Federal Reserve President James Bullard is slated to speak at 8 a.m. Eastern in Washington, D.C. He isn’t a voting member of the Fed’s policy-making body.
Source: MarketWatch
