Futures headed south today after a lackluster report on personal income and outlays.
Personal income stayed flat in April, where economists predicted a slight rise. March's month-to-month increase was revised up to 0.3%. Consumer spending fell 0.2%, where experts expected it to stay flat.
(INDEXDJX:.DJI) futures are down 0.47% at 15,247. S&P 500
(INDEXSP:.INX) futures fell 0.47% to 1,645.90 and future contracts on the Nasdaq
(INDEXNASDAQ:.IXIC) index fell 0.48% to 2,995.50.
After the bell, the final estimate for the May Reuters/University of Michigan consumer sentiment index is expected to match the prior reading of 83.7. Chicago PMI will also come out later this morning. Economists expect the business barometer index to rise to a flatline level of 50 after a prior estimate of 49. Readings below 50 signal a contraction.
European indicies are down today as a spate of poor economic data hit the wires.
Consumers in Europe's core are still cautious. Retail spending in Germany fell 0.4% in April. Consumer spending was also down 0.3% in France. Germany's data disappointed, but the fall in French spending was not as sharp as feared.
Eurozone unemployment rose a tenth of a point to a fresh record of 12.2% in April. Unemployment in Italy rose to 12% last month, the highest rate since the goverment started keeping statistics in 1977. Across the eurozone, 3.624 million young people are without a job. Greece, Portugal, and Italy all have unemployment rates of over 40% for under-25s.
Also, the flash estimate of eurozone inflation came in at 1.4% year-over-year.
(INDEXNIKKEI:NI225) rose 1.37% today overnight, but Japanese stocks are down sharply after hours. Today, a report showed that deflation persists despite the government's pro-inflation policies. The consumer price index fell 0.7% year-over-year in April after a 0.9% decline in March.
A massive protest called "Blockupy" took over the streets of Frankfurt to disrupt the European Central Bank today.
(NASDAQ:DELL) fell over 1% in the pre-market as shareholders sued founder Michael Dell for taking the company private for $24.4 billion, which they consider to be underpriced.
Lions Gate Entertainment
(NYSE:LGF) shares gained nearly 4% this morning after the company reported $163 million in net profit for the first three months of the year, up from a $22.7 million loss a year ago. Revenue also rose 22% to $785.7 million.
(NASDAQ:NFLX) will replace Perrigo
(NASDAQ:PRGO) in the Nasdaq-100 Index
(INDEXNASDAQ:NDX) on June 6.
No positions in stocks mentioned.
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