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Pre-Market: Technology Sell-Off Sends Stock Markets Lower; Yahoo May Produce Original TV Shows


The world's two largest cement makers merge.

In the US, Stock futures pointed toward a lower open on Monday morning. Before the opening bell, Dow Jones Industrial Average (INDEXDJX:.DJI) futures fell 0.32% to 16,304. Futures on the S&P 500 (INDEXSP:.INX) were down 0.42% to 1,852.30. Nasdaq (INDEXNASDAQ:.IXIC) futures moved higher, rising 0.83% to 3,508.25.

Asian stocks suffered their first decline in nine days overnight, as investors sold off tech stocks on fears of overvaluation. In China, Asia's biggest Internet company Tencent (OTCMKTS:TCEHY) dropped 4.5%. European shares followed suit, ending their longest winning streak since October 2013, as technology stocks fell there as well.  Losses in the technology sector followed a severe sell-off in the US on Friday, led by 5% and 4% declines in Google (NASDAQ:GOOG) and Yahoo (NASDAQ:YHOO), respectively. Shares of Google were down 0.39% in pre-market trading, while Yahoo fell 0.61%.

A merger between the world's two largest cement makers tops this morning's pre-opening stock news. Switzerland-based Holcim Ltd (OTCMKTS:HCMLY) and France-based Lafarge SA (OTCMKTS:LFRGY) will form the world's biggest cement-making company and plan to sell assets with $6.9 billion in revenue in order to ease regulators. The company will have combined annual sales of $40 billion.

Yahoo has reportedly taken a cue from Amazon (NASDAQ:AMZN) and Netflix (NASDAQ:NFLX) and will begin offering its own original programming. The Wall Street Journal cites three sources briefed on the matter that the company is close to ordering four Web series, which will be 10-episode, half-hour comedies with million-dollar budgets. Yahoo could announce these shows at its NewFront event on April 28, where it shows off content to advertisers.

Cloud storage company Dropbox will borrow $500 million by way of a credit facility led by JPMorgan (NYSE:JPM), reports the Financial Times. This will bring the total amount raised by Dropbox in the last year to $1.1 billion. Payments processors Square will also raise a new credit facility, which could be worth $200, although details have not be finalized.

New York State Financial Superintendent Benjamin Lawsky will reportedly launch an investigation into Credit Suisse (NYSE:CS) to determine whether it lied about creating tax shelters for US citizens. This is the second investigation over suspicions of Credit Suisse's tax-shelter activity, the first led by the US Justice Department, which could see the bank paying over $780 million in fines. Shares of Credit Suisse were down 0.73% in pre-market trading.

Investment from companies like General Electric (NYSE:GE), Yum Brands (NYSE:YUM), and Procter & Gamble (NYSE:PG) have helped Nigeria surpass South Africa to become Africa's biggest economy.

This week's economic calendar was kicked off with Gallup's monthly US consumer spending for March, which remained unchanged from February's register of $87. St. Louis Federal Reserve President James Bullard will give a speech on the US economic outlook and monetary policy at 11:45 a.m. in Los Angeles. TD Ameritrade (NYSE:AMTD) will release its Investor Moment Index, which provides insight into Main Street sentiments, at 12:30 p.m. Consumer credits data arrives at 3:00 p.m.

Twitter: @brokawbrokaw
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