Stock futures fell Tuesday alongside global markets as geopolitical tensions in Syria flared. In the U.S., third-quarter GDP growth was revised higher.
S&P 500 futures were down 0.79%, Dow Jones Industrial Average futures fell 0.74%, and Nasdaq futures slid 0.82%.
Overnight, the Turkish military shot down a Russian fighter jet on the Syrian side of the Turkey-Syria border. Officials said the aircraft intentionally violated Turkish airspace. The incident marks another flare-up in already-tense relations in the region.
European markets were sharply lower. Germany's DAX fell 1.1%, the CAC 40 in France dropped 1.6%, and the FTSE 100 in London slid 0.9%.
Third-quarter GDP was revised up to 2.1% growth, as economists expected, from a previous reading of 1.5%, according to the U.S. Commerce Department. The upward revision was driven by underestimated strength in consumer spending.
Bill Ackman's Pershing Square has upped its stake in Valeant Pharmaceuticals (VRX) as shares continue to face pressure from accusations of sales fraud. The activist investment firm raised its stake to 9.9% from 5.7%. Valeant shares have nearly halved in value since mid-October. The stock was up 3% in premarket trading Tuesday.
Activist investor Carl Icahn has disclosed a new 7.1% stake in Xerox (XRX) - Get Report to become the company's second-largest shareholder. Icahn called the company's shares "undervalued" and said he was looking to gain a position on the board. Shares climbed 3.7% in premarket trading.
Tiffany (TIF) - Get Report shares dropped more than 5% on disappointing quarterly sales growth tied to a strong U.S. dollar. Revenue dropped 2% in its third quarter to $938.2 million, below analysts' estimates of $971 million.
Palo Alto Networks (PANW) - Get Report moved higher in premarket trading after beating quarterly estimates. The security tech developer earned an adjusted 35 cents a share in its recent quarter, 3 cents above estimates. Billings, a measure of future sales, also exceeded estimates.
Brocade Communications (BRCD) tumbled more than 7% before the bell after it issued a disappointing outlook. The networking equipment developer expects to earn first-quarter profit between 23 cents and 25 cents a share. Analysts had expected earnings of 27 cents a share.