(By Salman - iStockAnalyst Writer)US stock futures retreated on Monday as investors were rattled by growing trade dispute between the U.S. and China.
At 8:16 am ET, the S&P 500 futures lost 7 points to 1030.30. The Dow Jones Industrial Average futures declined 57 point to 9474. The Nasdaq Composite futures fell 12.25 points to 1671.25.
China's commerce industry said Sunday that it will investigate the dumping of U.S. chicken and autos into its markets. Earlier, President Obama last week imposed a tariff on Chinese-made tires.
Shares of Sprint Nextel (NYSE:
S) soared in European reports on Monday following media reports that Deutsche Telekom is considering a bid for the company.
Drugmaker Mylan Inc. (NASDAQ:
MYL), announced, on Monday that the U.S. Food and Drug Administration accepted for filing its abbreviated new-drug application for glatiramer acetate injection 20 mg/ml, a generic version of Teva's flagship drug, the multiple-sclerosis treatment Copaxone.
Tenet Healthcare Corp. (NYSE:
THC) on Monday hiked its full-year forecast for adjusted earnings before interest, taxes, depreciation and amortization to a range of $900 million to $950 million from a previous range of $810 million to $875 million .The hospital operator said that the outlook corresponds to a full-year forecasted range of $76 million to $141 million for net income attributable to shareholders.
According to media reports, healthcare giant Johnson & Johnson (NYSE:
JNJ) is in talks to reduce the price of a $1.5 billion deal with Ireland based drugmaker Elan Corp. J&J agreed in July to pay $1 billion for an 18.4 percent stake in Elan and $500 million for a majority stake in its pipeline of experimental Alzheimer's drugs.
Meanwhile, Abbott (NYSE:
ABT) received approval from China to sell its drug-coated Xience V stent.
Shares of E-Trade Financial Corp. (NASDAQ:
ETFC) jumped in premarket trade Monday after Citigroup (
C) analyst Keith Walsh raised his rating on the online broker to buy from hold. Citi raised its target price on the stock to $2.30 from $1.50.
US stocks finished lower on Friday as concerns over a steep drop in crude oil prices outweighed FedEx's (
FDX) upbeat profit forecast and a jump in consumer sentiment.
On the economic front, no major data is due for release on Monday.
European stocks retreated in afternoon trade. At 13:08 pm London time, the UK FTSE lost 35.21 points or 0.70% to 4,976.26. The German DAX and French CAC decreased 0.88% and 1.03% respectively.
Asian stocks finished lower. The Nikkei 225 dropped 242.27 points or 2.32% to 10,202.The Hang Seng index of Hong Kong slumped 229.22 points or 1.08% to 20,932.20.
NYMEX crude oil for October delivery declined $1.27 or 1.8% to $68.02 a barrel in electronic trading.
Disclosure: Author doesn't own any of the stocks discussed here.
