posted at 05:50
Author Name: Myles Udland
Market Update July 31
Dow futures are down 111 points, S&P 500 futures are down 13 points, and Nasdaq futures are down 30 points. U.S. stocks are taking their lead from stocks around the world, as markets in Asia overnight slumped and stocks in Europe are lower. In London, the FTSE 100 is down 0.2%, while the CAC in Paris is down 1% and Germany's DAX is down 1.2%. Last night, Argentina defaulted on $1.3 billion worth of debt owed to a group of hedge fund creditors. Troubled Portuguese bank Banco Espirito Santo reported a $3.6 billion loss and suspended staff because of "Harmful management" linked to the bank's exposure to certain Espirito Santo family holdings. Corporate earnings are still rolling in, with some of the notable stock movers following their reports including Whole Foods, which was down 5% in pre-market trade after reporting sales that missed expectations. Shares of Yelp were also down 4% after the company last night reported that it turned a profit for the first time since going public. Yum! Brands was down 6% in pre-market trade after the company last night disclosed that it is the subject of an investigation fro regulators in China after reports surfaced of improper handling practices by one of its chicken suppliers in the country. Last night, Samsung reported that profit in the second quarter declined due to falling smartphone sales.

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