US Stock Futures Signal Lower Start On Wall Street

Pre-open movers

US stock futures traded lower in early pre-market trade. Goldman Sachs Group (NYSE: GS) and Google (NASDAQ: GOOGL) are expected to post quarterly earnings today. Data on weekly jobless claims will be released at 8:30 a.m. ET, while industrial production data for September will be released at 9:15 a.m. ET. The general conditions index of the Philadelphia Fed's Survey for October and the NAHB housing market index for October will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average tumbled 178 points to 15,829.00, while the Standard & Poor's 500 index futures fell 24.40 points to 1,822.30. Futures for the Nasdaq 100 index dropped 55.25 points to 3,696.75.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 3.54%, STOXX Europe 600 Index dropping 2.09%. German DAX 30 index declined 1.97%, French CAC 40 Index fell 2.43% and London's FTSE 100 Index dropped 1.87%.

In Asian markets, Japan's Nikkei Stock Average tumbled 2.22%, Hong Kong's Hang Seng Index fell 1.03%, China's Shanghai Composite Index dropped 0.72% and India's BSE Sensex declined 1.33%.

Broker Recommendation
Analysts at FBR Capital upgraded Bank of America (NYSE: BAC) from Market Perform to Outperform and raised the price target from $18.00 to $20.00.

Bank of America's shares fell 2.09% to $15.43 in pre-market trading.

Breaking news

• UnitedHealth Group (NYSE: UNH) reported better-than-expected earnings for the third quarter and raised its forecast for the year. To read the full news, click here.
• Magnetek (NASDAQ: MAG), a leading supplier of digital power and motion control systems, today announced it received an order valued at over $1 million to modernize the controls on four 300-ton power plant cranes for the Hoover Dam. To read the full news, click here.
• Mattel (NASDAQ: MAT) posted weaker-than-expected results for the third quarter. To read the full news, click here.
• Garmin International, a unit of Garmin (NASDAQ: GRMN), today announced strategic partnerships with select members of the company's Authorized Dealer Network to provide a stand-alone Automatic Dependent Surveillance-Broadcast (ADS-B) solution for popular business and transport aircraft. To read the full news, click here.