Market Hustle: Stock Futures Fall as China Growth, Ukraine Concerns Linger
NEW YORK (
TheStreet) -- Stock futures pointed to a lower open for U.S. markets amid falls in global equities as Chinese growth concerns lingered and the U.S. threatened Russia with sanctions over the situation in Ukraine.
- Futures for the S&P 500 were falling 41.25 below fair value to 16304.0 while futures for the Dow Jones Industrial Average were falling 5.88 below fair value to 1861.0. Futures for the Nasdaq were 13.10 below fair value to 3878.8.
- Stocks expected to see price action Wednesday include Men's Wearhouse (MW - Get Report), Krispy Kreme (KKD) and Williams-Sonoma (WSM). Men's Wearhouse said it would buy Jos. A. Bank Clothiers (JOSB) on Tuesday in a deal worth around $1.8 billion. The acquirer is slated to post a loss of 13 cents a share for the fourth quarter. Krispy Kreme is expected to post earnings of 13 cents a share in the fourth quarter while Williams-Sonoma is slated to post fourth-quarter earnings of $1.35 a share.
- General Motors (GM - Get Report) may also face criminal charges after the recall of 1.6 million vehicles, Reuters reported. Problems with the ignition in some vehicles was linked to 13 deaths, with a criminal-liability case in its the early stages.
- The economic calendar is scant Wednesday, with the U.S. Treasury Budget due at 2 p m. EDT. Expectations are for a $218 billion deficit for February. The February 2013 deficit came in at $203.5 billion.
- European industrial production fell unexpectedly in January as energy output dropped. Factory output fell 0.2% from December, according to the European Union's statistics office. Expectations had been for a 0.5% rise.
- Global markets were lower Wednesday amid lingering concerns about a possible slowdown in China. Germany's DAX was falling 1.31% while the UK FTSE was 1.04% lower. The Hang Seng finished down 1.65% while the Nikkei was 2.59% lower.
- In other news, Europe and the U.S. continue to threaten sanctions against Russia ahead of a vote this weekend to decide whether the Crimea should become part of Russia. Authorities continue to search for a missing Malaysian Airlines jet, though the prospect of terrorism has been largely ruled out.
- U.S. markets closed lower Tuesday after falls in oil, copper and iron ore following poor export data from China earlier in the week.
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