STOCK MARKET WATCH -- Tuesday, 24 July 2012

[xchrom]

23. U.S. Stock Futures Decline As German Credit Outlook Cut

http://www.bloomberg.com/news/2012-07-24/u-s-stock-futures-are-little-changed-texas-declines.html

U.S. stock futures fell, signaling the benchmark Standard & Poor’s 500 Index (SPX) will extend a one-week low, as Moody’s Investors Service cut the outlook on Germany’s top credit rating.
Texas Instruments Inc. (TXN) declined 0.7 percent in Europe as the largest maker of analog chips forecast third-quarter sales and profit that may miss some analysts’ estimates. Pfizer Inc. (PFE) slid 1.9 percent after its experimental Alzheimer’s drug failed to improve symptoms of dementia in the first of four pivotal studies testing the drug.
S&P 500 futures expiring in September slipped 0.2 percent to 1,340.8 at 7:32 a.m. in New York. The gauge has declined 1.9 percent over the past two days as concern grew that Europe’s debt crisis is deepening and a Chinese central-bank adviser said growth may slow further. Dow Jones Industrial Average futures lost 13 points, or 0.1 percent, to 12,632 today.
“Stocks will head further down after markets catch up to the reality of higher sovereign rates and no progress in Greece,” said Witold Bahrke, a senior strategist at PFA Pension A/S in Copenhagen, where he helps oversee $55 billion. “Focus is shifting to fiscal policies from monetary policy, putting focus back on the euro area.”