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US stock futures fade on retail funk

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Posted: May 20, 2014 7:16 AM

Updated: May 20, 2014 7:16 AM

NEW YORK (AP) U.S. stock futures are mostly lower on a raft of dismal earnings reports from major retailers.

KEEPING SCORE: Less than an hour before the opening bell, Dow Jones industrial average futures are down 16 points to 16,465. Standard & Poor's 500 index futures are down 2.4 points to 1,879.90 and Nasdaq composite futures are down 3 points to 3,614.

RETAIL SWOON: Home Depot fell short of Wall Street expectations; Dick's Sporting goods fell short and pared its outlook; Staples saw profit plunge 43 percent and discount retailer TJX had week sales. Urban Outfitters is down 4 percent before the opening bell Tuesday after its earnings report late Monday.

MORE RETAIL VOLATILITY: Target fired the president of its troubled Canadian operations and says it's replacing him with insider Mark Schindele, who has been senior vice president of merchandising operations in the U.S.

OVER THERE: Most major stock markets in Europe are slightly lower. France's CAC 30 is down 0.2 percent while Germany's DAX gave up 0.1 percent. Britain's FTSE 100 is down 0.5 percent. Thailand's stock market slumped and its currency wobbled Tuesday after the military declared martial law in what it called an attempt to stabilize the country's precarious political situation. Asia markets ended mostly higher,

OTHER MARKETS: In the bond market, the yield on the 10-year U.S. Treasury note was 2.54 percent, unchanged from late Monday. Gold fell $5.40 to $1,288.30 an ounce. Crude oil edged up 10 cents to $102.21.

Topics: US-Wall-Street

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