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US STOCKS-Futures fall on weaker oil prices; inflation data eyed
November 15, 2017 / 12:28 PM / 8 days ago

US STOCKS-Futures fall on weaker oil prices; inflation data eyed

* Futures down: Dow 119 pts, S&P 12.75 pts, Nasdaq 30.5 pts

By Sruthi Shankar

Nov 15 (Reuters) - U.S. stock futures pointed to a more than 100-point fall in the Dow Jones Industrial Index at opening on Wednesday as a slide in oil prices hit global markets and concerns about the fate of U.S. tax cuts continued to weigh on the mood.

* Oil prices slipped for the fourth day running after the International Energy Agency issued a gloomy outlook for demand. Oil majors Exxon and Chevron were down about 0.7 percent in premarket trading.

* Among other early decliners, Target slipped 3.5 percent after the retailer’s holiday-quarter profit forecast looked weaker than Wall Street estimates.

* IBM fell more than 1 percent after Warren Buffett’s Berkshire Hathaway cut its stake in the company by 32 percent.

* Snap was down 2 percent after shareholders including T. Rowe Price and Soros Fund slashed stakes in the Snapchat maker.

* With the quarterly earnings season winding down, the market has taken a breather after a rally to record highs last week. Traders also await October inflation and retail sales reports due at 8:30 a.m. ET (1230 GMT).

* Core inflation is forecast to rise 0.2 percent compared with a 0.1 percent increase in September, while monthly retail sales for October are seen unchanged.

* Shanghai nickel and zinc tumbled alongside steel, with the commodities still reeling after indicators on Tuesday pointing to slowing industrial output growth in China. MET/L

Futures snapshot at 6:45 a.m. ET:

* Dow e-minis were down 119 points, or 0.51 percent, with 35,242 contracts changing hands.

* S&P 500 e-minis were down 12.75 points, or 0.49 percent, with 228,022 contracts traded.

* Nasdaq 100 e-minis were down 30.5 points, or 0.48 percent, on volume of 38,113 contracts. (Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur)

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