US Stock Futures Indicate Another Gloomy Day

US stock index futures fell sharply today, as investor confidence dropped following the downgrade of the economic outlook by the Federal Reserve. While futures on the Dow Jones Industrial Average fell 45 to 10,620, those on the S&P 500 lost 15.80 to 1,103.90. Meanwhile, Nasdaq 100 futures moved down 18.50 to 1,896. Investors are awaiting the release of international trade data for the month of June. Economists are expecting the US international trade gap to be trimmed marginally to $42 billion for June. On the corporate front, the utilities and healthcare sectors will remain in focus. Moreover, Walt Disney Co DIS, Cisco Systems CSCO and Macy's Inc M will remain in focus. Banking stocks will also hog the limelight after Barclays Capital announced 400 job cuts across the US, Europe and Asia. Overseas, European equities posted broad-based losses in morning trading. In Japan, the Nikkei Stock Average ended down 2.7% on weaker-than-expected data on wholesale prices and machinery orders. Read more from Benzinga's Markets.