US Stock Futures Down On Debt Worries

US stock futures are lower this morning, after Thursday's House budget vote on the US debt ceiling was rescheduled. Futures for the Dow Jones Industrial Average dipped 55 points to 12,138.00 and S&P 500 index futures fell 5.70 points to 1,291.10. Nasdaq 100 futures dropped 7.75 points to 2,362.25.

US stocks closed mostly lower on Thursday, with the Dow Jones Industrial Average dropping 0.51% to 12,240.11, the S&P 500 index declining 0.32% to 1,300.67 and the Nasdaq 100 index gaining 0.05% to 2,766.25.

The Commerce Department is scheduled to release its estimate of second-quarter gross-domestic-product growth at 8:30 a.m. ET. The Labor Department will release employment-cost index for the second quarter at 8:30 a.m. ET.

Chevron Corporation (NYSE: CVX) is projected to report its Q2 EPS at $3.56 on revenue of $71.58 billion. Aon Corporation (NYSE: AON) is expected to report its Q2 EPS at $0.82 on revenue of $2.74 billion. Newell Rubbermaid Inc (NYSE: NWL) is estimated to report its Q2 EPS at $0.42 on revenue of $1.55 billion.

Weyerhaeuser Company (NYSE: WY) is projected to report its Q2 EPS at $0.09 on revenue of $1.75 billion. Merck & Company Inc (NYSE: MRK) is projected to report its Q2 EPS at $0.95 on revenue of $11.78 billion. Amgen Inc (NASDAQ: AMGN) is estimated to report its Q2 earnings at $1.28 per share on revenue of $3.78 billion.

Pilgrim's Pride Corporation (NYSE: PPC) is estimated to post a Q2 loss at $0.23 per share on revenue of $1.81 billion. American Electric Power Company (NYSE: AEP) is expected to report its Q2 EPS at $0.76 on revenue of $3.59 billion.

Starbucks Corp (NASDAQ: SBUX) reported its Q2 profit at $279 million, or $0.36 per share, up from $208 million, or $0.27 per share, in the year-earlier period. Its sales surged to $2.9 billion, from $2.6 billion. Starbucks' same-store sales climbed 8%. However, analysts were expecting earnings of $0.34 per share on revenue of $2.85 billion. Starbucks also raised its fiscal 2011 forecast.

Expedia Inc (NASDAQ: EXPE) reported its Q2 profit at $140.4 million, or $0.50 per share, up from $114.3 million, or $0.40 per share, in the year-ago quarter. Its revenue climbed to $1.02 billion, from $834 million. On an adjusted basis, Expedia's earnings came in at $0.55 per share. However, analysts were expecting earnings of $0.49 per share on revenue of $964.5 million.

Moody's Investor Services put Spain's government-bond ratings on review for a possible downgrade.

European markets were lower today. The STOXX Europe 600 Index dropped 0.75%, London's FTSE 100 Index moved down 0.53%, French CAC 40 index fell 0.78% and German DAX 30 index dropped 0.76%.

Asian markets ended lower, with Japan's Nikkei Stock Average dipping 0.6366%, Australia's S&P/ASX 200 moving down 0.85% and China's Shanghai Composite dropping 0.26%. Hong Kong's Hang Seng Index fell 0.5781% and India's Sensex dipped 0.09%.

Nymex crude-oil futures declined $0.58 to $96.86 a barrel in electronic trade. Gold futures gained $0.40 to $1,613.80 an ounce.

The dollar dropped 0.08% against the Japanese yen to trade at ¥77.65. The euro fell 0.32% versus the US dollar to trade at $1.4285.