U.S. stock futures were mixed to lower Tuesday as investors were looking for direction amidst growing economic concerns and overseas declines.U.S. stocks started the week Monday with some profit taking helped by several downgrades of some financials. The Dow industrials fell 108 points, or 0.85%, the S&P 500 dropped 14 points, or 1.05%, and the Nasdaq Composite declined 30 points, or 1.26%.
The Institute for Supply Management will release its services index at 10 a.m. EST.
There isn't much else economic news today and investors may stay on the fence while they wait for Super Tuesday primary results.
Overseas, Asian markets mostly finished lower. A rate hike in Australia caused the Australia's S&P/ASX 200 index to end 1.3% lower, while Toyota Motor Corp. (NYSE: TM) reported one of a 7.5% profit gain, as declining U.S. sales and weak dollar hurt its U.S. revenue offset booming sales in China, Africa and South America. Also, shares in Shanghai and Hong Kong declined as investors locked in profits before the Lunar New Year holidays.
In Europe, too, shares posted losses by midday trading, pulled down by weakness in automakers such as Fiat and banking stocks including UBS and as BP (NYSE: BP) reported a smaller than forecast 53% rise in earnings. Shares, however, climbed 3.5% as production rose and the company increased its dividend.
News Corp. (NYSE: NWS) reported results Monday after the close, almost in line with analysts' estimates.
Yahoo (NASDAQ: YHOO) shares were downgraded to Hold from Buy late Monday by Soleil and to Neutral from Buy early Tuesday by Banc of America, saying the acquisition could take time. These downgrades come after shares have gained another 3.35% Monday.
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