Futures fall on durable goods, Bhutto
US stock index futures fall after weaker-than-expected economic data combined with concerns about global security after news that Benazir Bhutto was killed in an attack.world Updated: Dec 27, 2007 20:42 IST
US stock index futures fell on Thursday after weaker-than-expected economic data combined with concerns about global security after news that Pakistani opposition leader Benazir Bhutto was killed in an attack.
The weak reading on November durable goods orders raised doubts about the strength of the US economy.
The report showed durable goods orders in November rose 0.1 per cent, surprising investors who were looking for a 2 per cent gain and adding to concerns after a weak housing report earlier this week.
Global political worries also rattled the market with news Bhutto was killed in an attack after a rally in the city of Rawalpindi.
"You've got a combination of things: an increasing lack of stability in Pakistan coupled with weaker economic data here in the U.S. Neither good for stocks," said Tom Schrader, Managing Director, US equity trading, Stifel Nicolaus Capital Markets, Baltimore.
S&P 500 futures were down 7.50 points, below fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 63 points. Nasdaq 100 futures were down 3 points.