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Futures Point to Lower Open

August 8, 2012

Investors are cautious heading into the opening bell as lagging U.S. demand for oil coupled with a decline in German exports for the month of June heightened concerns that global growth may be slowing.

-Wells Fargo Stock Market Commentary

August 8, 2012

Stock index futures are pointing to a lower open in New York. Dow and S&P 500 futures are off about 0.4% while the NASDAQ is 0.2% lower against fair value.

Investors are cautious heading into the opening bell as lagging U.S. demand for oil coupled with a decline in German exports for the month of June heightened concerns that global growth may be slowing. On our shores, economic data was mixed with weekly mortgage applications declining and nonfarm business productivity climbing more than expected.

On the earnings front, Priceline.com is down 15.3% in pre-market action after the company reported a disappointing profit tally. Expedia is off 4% in sympathy. Disney is lower by 1.4% as third-quarter sales results fell short of projections. Shares of Express Scripts are rallying 5.9% ahead of the open after the company raised its full year earnings guidance.

In other news, Warner Chilcott is down 7% to $16.75 after the drugmaker said it will end efforts to find a buyer for the company.

Turning to fixed income, Treasuries are modestly higher along the curve. The benchmark 10 year-note is up 1/16 of a point to yield 1.62% and the 30-year bond is higher by 5/32 to yield 2.71%.