A Peek Into The Market Before The Trading Starts

Pre-open movers US stock futures are signaling a lower start on Wall Street today, as investors find a safe haven in gold, after the Federal Reserve's warning of a slow economic recovery. Futures on the Dow Jones Industrial Average fell 37 points to 10,657 and S&P 500 futures dropped 0.70 points to 1,134. Nasdaq 100 futures slipped 4.50 points to 1,981. A Peek Into Global Markets Negative sentiments ruled the European markets today. While STOXX Europe 600 Index has lost 1.20%, London's FTSE 100 Index moved down 0.39%. Asian markets ended mixed, with Japan's Nikkei Stock Average losing 0.37%, Australia's S&P/ASX 200 moving up 0.21% and China's Shanghai Composite gaining 0.11%. Broker Recommendation Deutsche Bank cut its earnings estimates on Goldman Sachs GS, saying it sees weak capital market trends across the board. It has a $200 price target and a Buy rating on shares. In the research note, Deutsche Bank writes, "We expect GS to put up another weak quarter (EPS of $1.95 vs. consensus at $3.27), driven by continued weakness in trading and soft investment banking. The weakness in the quarter, due in part to typical summer seasonality, as well as a very slow/difficult trading environment, is likely to be broad based, including FICC trading (down ~15% q/q) given lower activity levels, equity commissions (-25% q/q) given the significant decline in trading volumes in 3Q (across all products), and asset management & security services (-5% q/q) with seasonal weakness in SS and average markets down ~2-3%." Shares of GS lost 50 cents to close at $151.40, a loss of 0.33%. Breaking news

• Valeant Pharmaceuticals International VRX announced earlier today that it has priced its previously announced offering of senior unsecured notes, which consists of $500 million of 6.75% Senior Notes due 2017 and $700 million of 7.00% Senior Notes due 2020. To read the full news, click here.
• CarMax KMX reported about 5% rise in its second-quarter profit. To read the full news, click here.
• According to news reports, Portugal auctioned government bonds worth 750 million euros ($997.1 million) on Wednesday. The value was at the bottom of the government's range of 750 million to 1 billion euros. To read the full news, click here.
• General Mills Inc GIS has reported a 12% increase in its first-quarter net income. To read the full news, click here.

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