U.S. stock futures mixed as overseas markets tumbleU.S. stock futures were mixed today after a 275-point plunge to end last week, even as overseas markets slumped.
By: Associated Press report, Associated Press
NEW YORK — U.S. stock futures were mixed today after a 275-point plunge to end last week, even as overseas markets slumped.
Dow Jones industrial average futures gave up 7 points to 12,096. Standard & Poor's 500 futures are 2.6 points higher at 1,276.5 and Nasdaq futures gained 5.75 points to 2,460.75.
It appeared that markets overseas remain jolted by Friday's U.S. job numbers, which were bad enough to put the administration of Barack Obama on the defensive and raise new questions about the pace of the economic recovery.
Europe has its own problems, arguably worse than in the U.S., with Spain's banks in shambles and another bailout increasingly imperative for Greece.
Germany's DAX lost 0.9 percent to 5,993 and Switzerland's SMI shed 0.6 percent to 5,741, though France's CAC-40 managed to rise 0.5 percent to 2,968.49. Markets in Britain were closed for a holiday.
Investors sold shares in Asia as well, including stock in Sony, which fell below 1,000 yen for the first time since 1980 — the year after it introduced the iconic Walkman portable cassette player.
Japan's Nikkei 224 index dropped 1.7 percent to close at 8,295.63, its lowest finish since Nov. 28, 2011. The broader Topix index ended below the 700 mark for the first time since December 1983, Kyodo News Agency said.
Hong Kong's Hang Seng tumbled 2 percent to 18,185.59. South Korea's Kospi shed 2.8 percent to 1,783.13. Benchmarks in Taiwan and Indonesia fell 3 percent and 4.3 percent, respectively.
Mainland Chinese shares also lost ground, with the benchmark Shanghai Composite Index falling 2.7 percent to 2,308.55. The index's drop of 64.89 points was the biggest this year.
And commodity prices, outside of precious metals, continue to slide. Benchmark oil for July delivery slid 65 cents to $82.58 after falling below $82 in earlier trading in electronic trading on the New York Mercantile Exchange.
There is little in the way of U.S. corporate reports today. But the U.S. Commerce Department reports on April factory orders. Economists expect that factory orders increased 0.3 percent following a huge March dip.
Later in the week, the Department of Labor posts weekly initial jobless claims.