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Pre-Market: Global Markets Decline; Google Glass Goes On Sale for One Day Only


The US Producer Price Index moved higher in March.

Stock futures pointed toward a lower open for the week's final session.

Before the opening bell, Dow Jones (INDEXDJX:.DJI) futures fell 0.51% to 16,028. Futures on the S&P 500 (INDEXSP:.INX) were down 0.55% to 1,817.00. Nasdaq (INDEXNASDAQ:.IXIC) futures moved lower, declining 0.78% to 3,453.00.

Google (NASDAQ:GOOG) announced it will make Google Glass available for anyone to purchase in a single-day sale on April 15. Previously, Google Glass was only made available to a select group known as Google "Explorers." The headset will retail for $1,500. Shares of Google were down 0.40% in pre-market trading.

The week's economic calendar winds down with the Producer Price Index for March, which rose 0.5% in March following a decline of 0.1% in February. Wholesale prices rose, with margin gains in jewelry, apparel, footwear, and accessories leading the index higher. Meanwhile, at 9:55 a.m. the Reuters/University of Michigan consumer sentiment index arrives.

Global markets had a tough day, with Asia's benchmark MSCI Asia Pacific Index skidding off a three-month high as technology stocks declined and the yen moved higher. Japan's Topix index clocked its worst week in 10 months, as Fast Retailing (OTCMKTS:FRCOY) President Tadashi Yanai's comment that he does not have optimistic view about consumption in Japan drove the stock down 7.9%. Meanwhile, Japan's cabinet has approved a controversial energy plan that would reinstate nuclear power. In China, consumer inflation remained below the government's target in March, growing 2.4% year-over-year, while factory gate prices (China's PPI) posted its 25th month of decline. 

In Europe, stocks fell for second consecutive session, again thanks to a sell-off in technology shares. Bundesbank President Jens Weidmann has shifted his stance and is now supporting large-scale asset purchasing by the European Central Bank. Wiedmann's change of heart could lead to ECB consensus for implementing quantitative easing to help fight deflation. In Germany, Europe's largest economy, the inflation rate fell to its lowest level since June 2010. Signs of the European recovery did show in the auto sector, with Volkswagen (OTCMKTS:VLKAY) reporting 7.6% increase in sales in March, with gains seen in European and Chinese markets.

In earnings news, JPMorgan (NYSE:JPM) reported an 18.5% decline in first-quarter earnings, as the United States' largest bank was overburdened by weak trading revenue and mortgage lending. Meanwhile, Wells Fargo (NYSE:WFC) reported a 14% profit increase, with EPS of $1.05 on $20.6 billion in revenue for the first quarter. Shares of JPMorgan fell 3.50% in pre-market trading. Wells Fargo was up 1.24%. 

Twitter: @brokawbrokaw

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