Market Hustle: Stock Futures Point Lower on Weaker Chinese Manufacturing
NEW YORK (TheStreet) -- U.S. stock futures were pointing to a mild start to the new year amid signs of slowing manufacturing in China.
S&P 500 futures were down 4 points, or 5.06 points below fair value, to 1,837. Dow Jones Industrial Average futures were slumping 38 points, or 47.66 points below fair value, to 16,456. Nasdaq futures were retreating by 10.5 points, or 12.45 points below fair value, to 3,573.3.
China's manufacturing momentum appears to be slowing after the HSBC/Markit Purchasing Managers' Index fell to a three-month low of 50.5 last month. Earlier, the government's manufacturing report showed a decline to a four-month low of 51.
The Shanghai Composite index was down 0.31% after the manufacturing reports.
- Economic data on tap include the Institute for Supply Management's Manufacturing Index for December at 10 a.m. EST and construction spending for November at 10 a.m. The manufacturing report will be receiving much of the focus. A dip to 57 from 57.3 in November is expected. The Markit manufacturing Purchasing Managers' Index is expected at 8:58 a.m.
- Weekly initial jobless claims for the week of Dec. 28 fell 2,000 to 339,000. The effect of seasonal factors on this report has made it less impactful this week.
- U.S. stocks booked gains on the final day of 2013. The S&P 500 soared 29.6% during year, the most since 1997.
- Apple (AAPL) was falling 1.09% to $554.79 after being downgraded at Wells Fargo to market perform from outperform. Also, Italian automaker Fiat has reached a deal with the United Auto Workers union trust fund to buy the remaining shares of Chrysler for $3.65 billion.
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