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Futures Down as Investors Wait for Results from Banking Giants

Wednesday, January 16, 2013 8:45 AM
U.S. stock futures inched lower on Wednesday taking a cue from global equities, as market sentiment remained nervy ahead of the quarterly results announcements from banking giants, Goldman Sachs Group Inc. (NYSE: GS) and JP Morgan Chase & Co. (NYSE: JPM) and hosts of key U.S. economic indicators. At last check, futures of Dow Jones Industrial Average Index fell 0.27%; those on NASDAQ 100 slipped 0.06% while futures on S&P 500 Index inched down 0.12%. Ahead of the bell ring, Goldman Sachs, JP Morgan Chase and Bank of New York Mellon Corporation (NYSE: BK) are scheduled to report fiscal fourth-quarter earnings. After the closing bell, e-commerce company, eBay Inc. (NASDAQ: EBAY) is expected to report quarterly results. On U.S. economic data front, Labor Department’s Consumer-price-Index for December is due at 8:30 a.m. EST. National Association of Home Builders' market sentiment index for January is slated to be released at 10 a.m. EST.  The Index is expected to rise to 48 in January, up from 47 in December, which will the highest level since April 2006. The Fed is schedule to release its data on industrial production and capacity utilization at 9:15 a.m. EST and later at 2:00 p.m. EST, the Fed will also release its January’s Beige Book -- a comprehensive, region by region assessment of the economy. Shares of social networking giant, Facebook Inc. (NASDAQ: FB) will be under spotlight. The Company unveiled new search tool called as ‘Graph Search’. The new tool will allow users- to find a date, find common fans, friends or friends who ‘liked’ any specific restaurant, jobs, dentists, etc. In nut shell, the new search toll could spell some trouble for rival Google Inc. (NASDAQ: GOOG) and elbow out Yelp Inc. (NYSE: YELP) and LinkedIn Corp. (NYSE: LNKD). All leading benchmark indexes in Europe were trading lower with Pan European Stoxx 600 Index losing 0.30%. Asian equities also mainly ended lower.
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