NEW YORK (TheStreet) -- Stock futures were holding onto gains after consumer spending for January missed forecasts. Personal spending fell 0.2% over the month, double expectations of a 0.1% decline. Personal income rose 0.3%, slightly below estimates for a gain of 0.4%.
S&P 500 futures were flat, Dow Jones Industrial Average futures climbed 0.1%, and Nasdaq futures bounced 0.2%.
After months of worryingly slow growth, the People's Bank of China cut its benchmark lending and deposit rates by 0.25%, the second rate adjustment in less than four months. Recent data had shown fourth-quarter GDP in China at its slowest growth rate in more than 20 years. The Shanghai Composite closed 0.78% higher.
India's central bank has decided to introduce inflation targeting for the first time. The bank will aim for a 4% inflation target for the 2016/17 fiscal year in an attempt to reduce historically volatile prices in the nation.
European markets were all trading lower after eurozone consumer prices fell for the third consecutive month in February. Though prices fell 0.3% over the month it was less than an expected 0.4% drop. Unemployment was also down for a third straight month, falling to 11.2% in January from 11.3% a month earlier.
Crude oil prices were lower as leaders from Russia, Ukraine and the European Union meet in Brussels to discuss gas and the energy crisis. The talks come amid a cease-fire in Ukraine which has already been flouted. West Texas Intermediate dropped 1.7% to $48.91 a barrel.
Lumber Liquidators (LL) - Get Report plummeted 26.2% after a 60 Minutes report found dangerously high chemical levels in some of its Chinese-made goods, linking the company to pricey health and safety violations.
NXP Semiconductors (NXP) - Get Report agreed to buy Freescale Semiconductor (FSL) in a cash-and-stock deal worth $11.8 billion. The chipmakers expect the deal to close in the second half of the year. NXP shares were up 12% and Freescale jumped 7%.
JinkoSolar (JKS) - Get Report slipped 4% in premarket trading after the solar company missed revenue forecasts in its fourth quarter. Total sales of $478.88 million were slightly under expectations by $10 million.
--Written by Keris Alison Lahiff in New York.