Stock futures drop on gloomy European outlook

|By:, SA News Editor

Stocks look to register modest losses at the open, with the S&P and Nasdaq each -0.4%, after the European Commission cut its 2014 GDP growth forecast to 1.1% from 1.2%.

European bourses trade broadly lower, but a pullback seems overdue after European stocks have been trading at five-year highs; markets across Asia ended mixed.

It's still the thick of earnings season, but today's reports have made little impact on the broader market; GT Advanced Technologies +22% after announcing a partnership agreement with Apple.

Modest selling has Treasurys at session lows, with the 10-year yields up 2.5 bps to 2.627%.

Still ahead: ISM services index, more Fed speakers.