NEW YORK (TheStreet) -- U.S. stock futures were suggesting Wall Street would open lower Monday as Japan's economy grew slower than expected in the June quarter.
European stocks were trading to the downside while Asian shares ended Monday's session mostly lower. Japan's Nikkei 225 fell marginally to close at 8,885.15.
Japan's economy grew at a slower-than-expected annual rate of 1.4% in April-June. This follows reports of weaker-than-expected trade data from China on Friday.
U.S. stocks on Friday finished with gains on renewed belief from investors that the Federal Reserve will prop up the economy. The Dow Jones Industrial Average climbed 41 points, or 0.3%, to 13,206. The index closed up 0.9% for the week. The S&P 500 rose 3 points to 1,406. It closed up 1.1% for the week. The Nasdaq finished up 2 points to 3,021, climbing 1.8% for the week.
Republican presidential candidate Mitt Romney chose Rep. Paul Ryan of Wisconsin as his running mate for the November election. Romney made the announcement on Saturday in Norfolk, Va.. As chairman of the House Budget Committee, Ryan has been a vocal proponent of conservative fiscal policy, advocating steep spending cuts in social programs and an overhaul of Social Security and Medicare.
Activist investor Nelson Peltz will join the board of Ingersoll-Rand (IR) as he pushes to improve profitability at the industrial conglomerate, The Wall Street Journal reported, citing people familiar with the matter. Peltz's Trian Management LP fund took a roughly 7% stake in the company in May. The company is expected to announce Peltz's appointment to the board on Monday, the people told the newspaper.
Groupon (GRPN) is expected by analysts Monday to post second-quarter adjusted earnings of 3 cents a share on revenue of $578 million. In the first quarter, the daily deals site posted a profit of 2 cents a share on revenue of $559.3 million. Shares of Groupon have declined more than 60% since its IPO in November was priced at $20.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV