August 01, 2014- Stocks Trade Lower Ahead of Jobs Data

There seems to be no respite for Wall Street on Friday, as the futures point to a notably lower opening. Notwithstanding positive Chinese manufacturing data, Asian stocks succumbed to a sell-off on Wall Street overnight. The not-so-inspiring domestic earnings and lukewarm economic data amid the macroeconomic gloom, accentuated by the crisis in Ukraine and its ramifications for the global economy, are not helping sentiment in Europe, as the averages in the region are also trading lower. The U.S. markets could also take cues from several first-tier data due for the day, including non-farm payrolls, auto sales, personal income and spending and manufacturing and service sector readings. The Dow futures are slipping 109 points, the S&P 500 futures are receding 13.25 points and the Nasdaq 100 futures are moving down 28.25 points. U.S. stocks experienced a sell-off on Thursday on the back of geopolitical concerns, as Argentina defaulted on its debt and companies began warning on hit to their business due to the conflict between Russia and Ukraine.