Futures down sharply ahead of job data
Evan McDaniel | email@example.com
The June S&P 500 futures are down 15.50 points, or 1.18 percent, to 1292.75 as of this writing. The Nasdaq 100 contracts are lower by 28 points, or 1.11 percent, to 2496. Risk off appears to be the theme across many assets this morning.
European indexes reversed earlier gains as emerging markets fell more than 1 percent on global slowdown fears. The German DAX is seeing the worst of the selling, down 2.49 percent, while the Euro STOXX 50 is lower by 1.55 percent.
Most Asian indexes declined as well, led by a 1.2 percent drop in Japan's Nikkei 225. Hong Kong's Hang Seng fell 0.38 percent, but the Shanghai Composite gained 0.05 percent as hopes rose for economic stimulus after China's latest manufacturing data came in lower than expected.
Copper weakness once again foreshadowed the continued selloff. Key support at 3.40 gave way earlier in the week, and now the metal is down 1.26 percent to 3.235.
Euro/dollar futures are lower once again at 1.2323 down 0.36 percent after falling earlier today to 1.213, a new two-year low.
Crude oil is down 2.37 points, or 2.68 percent, to its lowest level in eight months after posting its largest percentage drop on record for May. Support does not appear until the 82 level.
Spot gold futures are down 12.60 points, or 0.82 percent, to 1551.30. Support remains at the 1550 and 1528 levels. Silver is also lower, by 1.66 percent to 27.295.
In stock-specific news, U.S. banks are mostly lower in pre-market trading. Shares of Freeport-McMoRan are falling under the pressure of weakness in copper and other commodities. Alcoa is down more than 2 percent.