Futures Edge Lower Amid Global Concerns
U.S. stock index futures were lower on Monday, following reports showing a slowdown in European private sector activity and after China lowered its growth target.
The S&P and Nasdaq logged a gain last week, but momentum ran out on Friday as stocks ended the day lower in a thinly traded session.
European stocks fell in early trade on continued concerns about the forthcoming Greek debt swap deal, and after data showed the euro zone's private sector declined again last month, deflating hopes the region would avoid another recession.
Meanwhile, China slashed its 2012 growth target to an 8-year low of 7.5 percent. Chinese Premier Wen Jiabao said he hopes to reach the target by following proactive fiscal and prudent monetary policies to combat downward pressure on growth and still high inflation.
On the economic front, the Institute for Supply Management will release its February non-manufacturing index at 10 a.m. New York Time. Economists surveyed by Reuters forecast a reading of 56.1, down from 56.8 in January. A reading above 50 indicates an expansion in the non-manufacturing sector.
Also on deck at 10 a.m., the Commerce Department releases factory orders for January. Economists surveyed by Reuters expect a drop of 1.5 percent, against a 1.1 percent rise in December.
Among banks, Citigroup's Richard Parsons will be stepping down after 16 years on the board and three as chairman. Michael O’Neill is expected to take over Parsons' post as chairman.
Wells Fargo is reportedly planning to expand into 20 overseas markets in an effort to expand its overseas operations, according to the Financial Times.
Meanwhile, a group of JPMorgan’s top proprietary traders will be launching what will be one of the biggest hedge fund start-ups of 2012, amid regulatory changes within the bank.
On the tech front, Apple said the number of downloads from its App Store has now reached 25 billion. The tech giant plans to give away a $10,000 gift certificate to the customer who downloaded the 25 billionth app.
Meanwhile, Yahoo may be preparing for a "massive restructuring," resulting in layoffs by the thousands, according to a report from AllThingsD.
Brent crude slipped below $124 a barrel on Monday due to demand growth concerns, but the slide was stemmed by fears of a supply crunch as Iran exports less crude on tighter Western sanctions.
—Follow JeeYeon Park on Twitter: @JeeYeonParkCNBC—
On Tap This Week:
MONDAY: Factory orders, ISM non-mfg index
TUESDAY: Earnings from Dicks Sporting Goods, Pandora
WEDNESDAY: Weekly mortgage apps, Challenger job-cut report, ADP employment report, productivity & costs, oil inventories, consumer credit; Earnings from American Eagle, Hovnanian, H&R Block
THURSDAY: Jobless claims, quarterly services survey; Earnings from Smithfield Foods, Aeropostale
FRIDAY: Non-farm payrolls, international trade, wholesale trade; Earnings from Ann
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