Stocks headed lower as mixed economic data, Europe selloff hurt sentiment


Stock futures point to sharp losses at the open, with blue chips heading to close out their worst monthly point decline in at least a year and a half; Dow -1%, S&P -0.9%, Nasdaq -0.4%.

The early losses stem from sharp declines in Europe after data showing a return of record-low inflation in the euro zone stoked deflation fears; early gains in emerging market currencies faded, with the Turkish lira, South African rand, Hungarian forint and Russian ruble weakening.

A string of disappointing earnings from the likes of Mattel (-9%) and Amazon (-6.5%), plus a profit warning from Wal-Mart (-1%), aren't helping; Google also reported an earnings miss but shares +4% as investors focus on an increase in click revenue.

In U.S. economic data, Dec. consumer spending rose a better than expected 0.4% but personal income was unchanged.

Treasurys are near their highs, with the 10-year yield down nearly 5 bps at 2.65%.

Still ahead: Chicago PMI, consumer sentiment.

Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs