U.S. stocks remained lower in pre-market trade Tuesday, while European bourses also lost ground.
S&P 500, Dow and Nasdaq 100 futures continued to trade lower vs. fair value.
European markets lost ground. The euro fell after Fitch kept a negative outlook on Portugal's AA ratings following the country's announcement of new austerity measures on Monday.
Fitch also said the U.K. government's current plan to cut the deficit by half over four years is too slow. But the company added that the U.K.'s sovereign credit profile remains within the tolerances of AAA country ratings.
Late Monday, Northrop Grumman (NOC) pulled out of a bid to supply the U.S. Air Force with tanker planes. The move made Boeing (BA) the likely winner of the contract, which could be worth up to $50 billion. Shares of Boeing rose 1% in pre-market action Tuesday.
Stock Futures Dip On Bear Market Bottom's Anniversary
BY JONAH KERI
The major indexes turned lower in pre-market trade Tuesday, one year after the market hit the closing low of a 15-month bear market and the lowest point for the Dow and S&P 500 in 12 years.
S&P 500, Dow and Nasdaq 100 futures were all trading lower vs. fair value.
On the burgeoning mergers and acquisitions front, drug makers Merck (MRK) and Sanofi-Aventis (SNY) said they will combine their animal health businesses. The merged company is expected to control 29% of the $19 billion market for pet and livestock medications.
Toyota (TM) faces at least 89 class-action lawsuits that could net plaintiffs at least $3 billion, according to a media report. The Japanese automaker has been under fire since mechanical failures in Toyota cars triggered widespread safety concerns and recalls.
The dollar gained ground against other currencies. The greenback's rally knocked oil prices lower, as April crude slid $1.40 to $80.47 a barrel.
Japan's Nikkei and Hong Kong's Hang Seng indexes both ended their session little changed. Meanwhile, European markets fell in morning trading. Britain's FTSE 100 lost 0.6%, while France's CAC 40 and Germany's DAX both dropped 0.4%.
