Futures Lower as Global Growth Fears Linger
U.S. stock index futures were lower Monday as market concerns about sagging global growth lingered.
European shares fell in early morning trade after the German Ifo index, an indicator of business sentiment, fell for a fifth consecutive month, highlighting fears the motor of Europe may sputter as exports to troubled euro zone countries falter.
In addition, reports that French and German lawmakers were struggling to agree on creating a banking union in the euro zone also weighed on futures.
The Dallas Fed Manufacturing Survey for September is due at 10:30 a.m. The general business index rose from -13.2 in July to -1.6 in August. Any reading below zero indicates that manufacturing executives in Texas see business conditions worsening.
Federal Reserve Bank of San Francisco President John Williams will speak on the economic outlook at a City Club Roundtable lunch later this afternoon.
Apple pulled back after Foxconn Technology, which assembles Apple's iPhones and makes components for top global electronics companies, closed a plant in China after a riot involving about 2,000 workersbroke out over the weekend. A staff member at the Taiyuan plant said the factory could be closed up to two to three days for police investigations.
Separately, the tech giant reported that it sold more than five million iPhone 5 unitsin its first weekend. Apple shares hit an all-time high at over $700 last week.
Dell and H-P slipped after Evercore cut its price targets on both tech companies to $12 from $14 and $18 from $19, respectively.
Questcor Pharmaceuticals plunged after the company said it was being investigated by a U.S. government agency over its promotional practices.
Among earnings, Lennar rallied after the homebuilder posted earnings that beat expectations and announced orders rose for the sixth-consecutive quarter.
—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)
Coming Up This Week:
MONDAY: Dallas Fed mfg survey, Fed's Williams speaks, Caterpillar analyst mtg
TUESDAY: S&P Case-Shiller home price index, USDA food prices outlook, consumer confidence, FHFA home price index, Richmond Fed mfg index, 2-yr note auction, RIM developers conf.
WEDNESDAY: Weekly mortgage apps, new home sales, oil inventories, 5-yr note auction
THURSDAY: Durable goods orders, GDP, jobless claims, pending home sales, 7-yr note auction, farm prices; Earnings from Discover Financial, Nike, Accenture, Research In Motion, Micron
FRIDAY: Personal income & outlays, Chicago PMI, consumer sentiment; Earnings from Walgreens
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