Stock Futures Hit By Portugal, Egypt, China Fears

U.S. stock market futures fell sharply in early trading on Wednesday as turmoil in Egypt, fresh turmoil in the euro zone and downbeat data from China weighed on sentiment.

Futures for the Dow industrials fell 83 points, or 0.6%, to 14,778, while those for the Standard & Poor’s 500 index slid 9.6 points, or 0.6%, to 1,597.60 and the Nasdaq 100 index fell 20 points, or 0.7%, to 2,903.25. Portugal’s government was facing possible collapse and stocks and bonds came under intense pressure in the wake of the second resignation of a cabinet minister on Tuesday.

Europe stocks sank under the weight of Portugal worries. Sentiment was also dented by instability in Egypt, where President Mohammed Morsi is refusing protestors’ calls for him to step down amid clashes that turned deadly. In addition, stocks in Asia fell after China services sector data disappointed.

Source : Marketwatch