Market Hustle: Stock Futures Fall Amid Ukraine Tensions, Soft China Data
NEW YORK (TheStreet) -- U.S. stocks futures were edging lower Monday as tensions in Ukraine continued to heat up and manufacturing in China shrank for a fourth straight month.
- Dow Jones Industrial Average futures were down 65 points, or 0.4%, to 16,382. S&P 500 futures were down 7.5 points, or 8.24 points below fair value, to 1,867. Nasdaq futures were off 17 points, or 17.17 points below fair value, to 3,562.25.
- The ISM Non-Manufacturing Index for April is expected for release at 10 a.m. EDT. An increase to 54.1 from 53.1 is expected. The Markit PMI services index for April is scheduled for 9:45 a.m.
- Pfizer (PFE) reported first-quarter earnings of 57 cents a share on revenue of $11.29 billion. AstraZeneca (AZN) on Friday rejected Pfizer's sweetened bid that values AstraZeneca $106 billion.
- Target (TGT) CEO Gregg Steinhafel stepped down as the reverberations from last year's data breach continued to rock the retailer.
- Tensions in Ukraine heightened over the weekend as pro-Russian militants burst into a Ukrainian police station in Odessa on Sunday, freeing about 70 activists.
- The DAX in Germany was down 1.23% and the Hong Kong Hang Seng was down 1.28%. Markets in London on Tokyo were closed for public holidays.
- Manufacturing in China contracted in April for the fourth straight month, according to the HSBC's purchasing managers' index released on Monday.
- U.S. stocks closed lower Friday, erasing early gains after April's jobs report showed a falling work force participation rate. The United Nations held an emergency meeting over Ukraine as tensions rose in the region.
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