US Stock Futures Down As Investors Await G-20 Meeting, China Raises Reserve Requirement Ratio

US stock futures are slightly lower this morning, ahead of the 2-day Group of 20 meeting in Paris. The People's Bank of China lifted its reserve requirement ratio for banks by 50 basis points. Futures for the Dow Jones Industrial Average dropped 6 points to 12,282.00, while those for the S&P 500 index fell 1.60 points to 1,336.20. Futures for the Nasdaq 100 index fell 2.50 points to 2,391.00. US stocks closed higher, with the Dow Jones Industrial Average gaining 0.24% and the S&P 500 index rising 0.31%. Investors are awaiting the G20 meeting of finance ministers and central bankers in Paris. US Federal Reserve Chairman Ben Bernanke is scheduled to speak at today's panel discussion in Paris on global imbalances and financial stability at 8:00 am EST. Timothy Geithner, Secretary of the US Treasury, is expected to be a part of the discussion to be held today at 9:45 am EST on the state of the global recovery US markets will be closed on Monday for the Presidents Day holiday. Progress Energy Inc

is projected to post its Q4 EPS at $0.44 on revenue of $2.44 billion. Campbell Soup

is estimated to report its FQ2 EPS at $0.72 on revenue of $2.15 billion. Pinnacle West Capital

is expected to report its Q4 earnings at $0.01 per share on revenue of $694.90 million. Brocade Communications Systems Inc

reported its FQ1 profit at $27 million, or $0.06 per share, versus $51 million, or $0.11 per share, in the year-ago period. The company's adjusted income came in at $0.12 per share. The company's revenue increased to $546 million from $539 million. However, analysts were expecting earnings of $0.10 per share on revenue of $543.7 million. Nordstrom Inc

reported its FQ4 net income at $232 million, or $1.04 per share, compared with $172 million, or $0.77 per share, in the year-ago period. The company's revenue increased around 11% to $2.82 billion. However, analysts were expecting earnings of $1.00 per share on revenue of $2.82 billion. The company projected FY11 earnings of $2.95 to $3.10 per share. JWN also announced its plans to purchase HauteLook for $180 million. Negative sentiment ruled the European markets today. While STOXX Europe 600 Index has dropped 0.16%, London's FTSE 100 Index moved down 0.50%. Asian markets ended mixed, with Japan's Nikkei Stock Average gaining 0.06%, and China's Shanghai Composite dropping 0.93%. Crude oil futures for March delivery dropped $0.61 to $85.75 a barrel. However, gold futures for April delivery traded at $1,385.40 an ounce. Read more