Futures Hold Losses After Economic News
Futures were lower Friday, the final trading day of the third quarter, following a weaker-than-expected personal income news in addition to a dismal manufacturing report from China and as investors continued to keep an eye on the euro zone.
Concerns over global growth also dented investors’ confidence after figures showed China's manufacturing sector contracted for a third consecutive monthin September, suggesting that the world's second-largest economy is not immune to global headwinds.
Personal income declined for the first time since Oct. 2009, falling 0.1 percent last month. Spending gained by 0.2 percent, according to the Commerce Department. Economists had expected spending to gain by 0.2 percent and income to rise 0.1.
The Chicago Purchasing Managers Index, out at 9:45 am ET, is expected to show a reading of 54.0, according to a Briefing.com poll, down from last month’s 56.4.
The reading for the September University of Michigan Consumer Sentiment survey, out at 9:55 am ET, is seen at 57.8, a repeat of the preliminary September figure.
Micron Technology declined after the chipmaker swung to a quarterly losss as sales and margins were affected by declining prices for PC memory.
Amazon takes center stage again for technology investors. The rock-bottom price of the new Kindle Fire tablet computer is raising questions about Amazon.com’s ability to keep up with demand and the device's effect on the company's already razor-thin profit margins, analysts told Reuters.
McGraw-Hill Companies is in advanced talks to merge its S&P Indices business with CME Group Dow Jones Indexes.
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