The video this transcript is based on appeared on January 2.
NEW YORK (TheStreet) -- U.S. stock futures are pointing to a lower open on Wall Street as Fiat signs a deal to buy the remainder of Chrylser it does not already own and PMI Data out of Europe and Asia signals a mixed picture on the manufacturing front.
You're looking at Times Square on a cold and snowy morning where all the traces of New Year's Eve merriment are gone. The northeast is bracing for what many are saying will be the season's first blizzard with many travel delays expected - already Newark-Liberty has cancelled flights in anticipation of the bad weather. Happy new year, I'm Ruben Ramirez at the Nasdaq MarketSite. Jon Marino is off today. We've got stock index futures pointing to a lower open when trading gets underway here in New York.
Let's get started with this morning's European action. Carmaker Fiat has reached a deal to take full control of Chrysler in a $4.35 billion dollar deal. The agreement helps clear the way for the consolidation of the two automakers. The deal values Chrysler at just over $10 billion. That's roughly the middle of the valuation banks were looking for when they were looking to underwrite a potential IPO. The deal is expected to close by January 20th.
Now, let's take a look overseas where we're getting PMI data. European markets are moving lower this morning. The Eurozone's manufacturing sector expanded for a third straight month despite further weakness in France. In Asia, we did continue to see a slowdown in China's manufacturing sector. That data did have an impact on Asian markets overnight. In Japan, the Nikkei ended the Thursday session unchanged.
Back here in the U.S. the big question of course is whether the bulls can continue their run on Wall Street. Take a look at the charts on the wall here - the Dow had its best run since 1995, ending the year at 1675.76. Also take a look at the S&P 500. It ended the year at 1848, its best year since 1997.
Our action alert this morning is Microsoft (MSFT) . Our colleagues at RealMoney say Microsoft may not be the most loved company out there but if you care about making money, it's the stock to own in 2014. The reason - the tech giant's deal with Nokia should ensure a steady stream of quality new handsets. And don't forget Microsoft's current dividend yield of 3-percent, which our colleagues say could quickly turn into a 6-percent yield.
For more on stocks you should own in 2014 check out TheStreet.com. At the Nasdaq MarketSite in Times Square, I'm Ruben Ramirez. Have a great day.
Written by Ruben Ramirez in New York.