This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Stock Futures Drop as Japan GDP Disappoints

Stocks in this article: ^DJI^GSPC^IXICAAPL

NEW YORK ( TheStreet) - U.S. stock futures were pointing to a much lower opening Monday as indications that Japan's economic growth is slowing offer investors one less reason to extend this year's rally, already the biggest since 1997.

Futures for the S&P 500 were falling 0.44%, to 1,678.75.

Futures for the Dow Jones Industrial Average were sliding 0.38%, to 15,316. Nasdaq futures were decreasing 0.32% to 3,103.25.

U.S. stocks dropped on Friday as the Dow Jones Industrial Average booked its first weekly decline in seven weeks.

Japan's gross domestic product grew an annualized 2.6% in the second- quarter, according to a government report, short of 3.6% average forecast of economists in a Bloomberg survey.

"The weaker than expected GDP print puts more pressure on the government's decision over whether to hike sales taxes in April 2014," Jim Reid, a strategist at Deutsche Bank, wrote in a note on Monday morning discussing the outlook for Japan and government policymakers.

U.S. economic data was light for Monday as traders were anticipating the U.S. Treasury to post the monthly budget report for July. Economists polled by Thomson Reuters were expecting a federal budget deficit of $96 billion in July after printing a $116.5 billion surplus in June.

In company news, shares of Apple (AAPL) were adding 0.59% to $457.12 after reports emerged during the weekend that the maker of iPads is planning to launch the next version of its iPhone on Sept. 10. Apple last unveiled a new iPhone at an event on Sept. 12, 2012.

European markets were sinking on Monday. The FTSE 100 in London was off 0.36%, and the DAX in Frankfurt was sliding 0.38%.

Asian markets closed mixed overnight. Japan's Nikkei average dropped 0.71% to 13,519 after the weaker-than-expected GDP report. Hong Kong's Hang Seng climbed 2.13% to 21,271.

The benchmark 10-year was adding 5/32, diluting the yield to 2.565%. The dollar was adding 0.39%, according to the U.S. dollar index .

-- Written by Joe Deaux in New York.

>Contact by Email.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,801.84 -13.10 -0.07%
S&P 500 2,069.57 +2.54 0.12%
NASDAQ 4,775.28 +17.0280 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs