Seeking Alpha

U.S. stocks set to stumble again following global selloff

  • Stock futures point to another day of losses, as global markets continue to react to disappointing manufacturing data from China and the U.S.; S&P -0.7%, Dow and Nasdaq -0.6%.
  • Asian markets got the selloff going, with the Nikkei -1.9% and the Hang Seng -1.3%; European markets followed suit, and emerging markets are taking another shellacking.
  • P&G +1% after reporting lower quarterly profit but leaving its 2014 sales growth forecast unchanged, while Microsoft +3.5% after posting better than expected earnings.
  • With global equities on the defensive, gold and Treasurys are gaining: Gold futures +0.4% at $1266.70, while the yield on the 10-year note fell as low as 2.732% after settling at seven-week low of 2.774% yesterday.
  • No major U.S. economic data is scheduled for release.
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