US Stock Futures Down As Investors Await FOMC Minutes, ISM Services-Sector Data; National Semiconductor Shares Jump In Pre-Market Trading

US stock futures are lower this morning, as investors are awaiting the release of the minutes of the latest Federal Reserve Open Market Committee (FOMC) meeting and ISM services-sector data. Futures for the Dow Jones Industrial Average dropped 29 points to 12,308.00, while those for the S&P 500 index fell 5.30 points to 1,323.90. Futures for the Nasdaq 100 index lost 19.75 points to 2,320.75.

On Monday, the Dow Jones Industrial Average climbed 0.19% to 12,400, the S&P 500 index rose 0.03% to 1,333 and the Nasdaq 100 index dropped 0.01% to 2,789.

The Institute of Supply Management report on activity in the services sector will be released at 10 a.m. ET. The FOMC is scheduled to release minutes of its recent meeting at 2 p.m. ET. Shares of National Semiconductor Corp (NYSE: NSM) jumped more than 73% in pre-market trading after Texas Instruments Inc (NYSE: TXN) announced its plans to acquire NSM for $6.5 billion in cash. TXN will buy NSM for $25 per share, representing a 78% premium to NSM's closing price on Monday.

American Airlines, a wholly owned subsidiary of AMR Corporation (NYSE: AMR), and Expedia Inc (NASDAQ: EXPE) reached an agreement to resume doing business with each other, effective immediately.

KB Home (NYSE: KBH) is projected to report a Q1 loss at $0.27 per share on revenue of $223.56 million. Mitcham Industries Inc (NASDAQ: MIND) is estimated to post its Q4 EPS at $0.21 on revenue of $20.64 million.

Zep Inc (NYSE: ZEP) is expected to report its Q2 EPS at $0.15 on revenue of $146.20 million. Verint Systems Inc (NASDAQ: VRNT) is expected to post its Q4 earnings at $0.52 per share on revenue of $180.27 million.

Layne Christensen Company (NASDAQ: LAYN) reported its Q4 EPS at $0.45, versus the consensus of $0.36. LAYN reported its Q4 revenue at $271.8 million, versus the consensus of $254.39 million.

Moody's Investors Service lowered Portugal's rating by one notch from “A3” to “Baa1.”

European markets were mixed today. While STOXX Europe 600 Index has gained 0.01%, London's FTSE 100 Index moved down 0.33%.

Most Asian markets ended higher, with Japan's Nikkei Stock Average dropping 1.06%, Australia's S&P/ASX 200 moving up 0.28% and China's Shanghai Composite gaining 1.34%. Hong Kong's Hang Seng Index rose 1.46%.

Crude oil for May delivery fell 0.72%, or $0.78, to $107.69 a barrel. Gold prices for May delivery gained $3.80 to $1,436.30 an ounce.

The US dollar gained to $1.4188 versus the euro.

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