August 12, 2013- Stocks Look to Extend Declines on Weak Japan Data

Wall Street looks set to extend the negativity that was evident for much of last week, with the major U.S. index futures pointing to a negative opening on Monday. The major Asian stocks, with the exception of Japan, New Zealand and Indonesia, advanced strongly on China optimism. The Japanese market bore the brunt of reaction to softer than expected GDP growth data released earlier in the global trading day. At the same time, European stocks are currently trading in negative territory. With little economic or earnings catalysts to drive trading, the domestic markets may find it difficult to regain their momentum. The Dow futures are slipping 64 points, the S&P 500 Index futures are moving down 8.60 points and the Nasdaq 100 futures are receding 15.25 points. U.S. stocks retreated in the week ended August 9th, as fears concerning scaling back of Fed's bond purchases kept sentiment subdued for much of the week.