Seeking Alpha

Stocks set for lower open after disappointing China data

  • The stock market looks set for a lower start, as a disappointing HSBC Services PMI report from China weighs on sentiment; Dow -0.3%, S&P and Nasdaq -0.4%.
  • Major European indexes trade mostly higher, as markets are supported by upbeat earnings even as regional PMI readings were mixed; Asian markets ended mostly lower, with Japan's Nikkei loing for a fourth straight session.
  • Earnings reports are still coming in thick in the U.S., but the biggest news is a warning from Target (-4.8% premarket) citing expenses related to the data breach that took place at the end of last year; also, Gannett (+3.2%) said it will spin off its publishing business and confirmed it will buy full ownership of Cars.com for $1.8B.
  • Treasurys hold modest losses, with the 10-year yield up 2 bps at 2.50%.
  • Still ahead: factory orders.
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