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Stock futures point to lower US open

July 8, 2014

NEW YORK (AP) — U.S. stock futures pointed to a second straight day of declines on Wall Street Tuesday following record highs last week.

KEEPING SCORE: All three major U.S. indexes drifted down less than one percent. Dow Jones industrial average futures eased 26 points to 16,920 about 30 minutes before the market opened. Standard & Poor’s 500 index futures eased four points to 1,966.60. Nasdaq 100 futures fell six points to 3,898.

EARNINGS WATCH: Investors are watching for earnings reports that could provide clues about the strength of the U.S. economy. Earnings reports begin in earnest after the U.S. market closes Tuesday, when Alcoa reports its quarterly results.

EUROPE: France’s CAC-40 and Germany’s DAX fell 0.5 percent. Britain’s FTSE 100 slipped 0.6.

ASIA: In Asia, Japan’s Nikkei 225 index slipped 0.4 percent. Hong Kong’s Hang Seng ended flat. China is due to release inflation figures, which are a key indicator for both policy and economic performance, on Wednesday. Meanwhile, investors are also watching for the outcome of a presidential election Thursday in Indonesia, the world’s most populous Muslim nation and the third-largest democracy.

DEAL SWEETENER: Drugmaker AbbVie fell 50 cents, or nearly 1 percent, to $56.90 in pre-market trading after news that it boosted its offer to buy another drug company, Shire. The target, known for its rare-disease drugs, has rejected three AbbVie offers.

OIL: In energy markets, U.S. crude for August delivery rose seven cents to $103.61 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost 53 cents to close at $103.53 on Monday.

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