Index Futures Modestly Lower

Today 7:55 AM ET (Briefing.com)

S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: -2.50. U.S. equity futures hover near their pre-market lows amid cautious action overseas. The S&P 500 futures trade one point below fair value.

Reviewing overnight developments:
Asian markets ended on a mixed note. Japan's Nikkei +1.1%, China's Shanghai Composite -0.3%, and Hong Kong's Hang Seng -1.0%. In economic data: China's HSBC Manufacturing PMI ticked up to 48.3 from 48.0 (expected 48.4). Australia's CPI rose 0.6% quarter-over-quarter (expected 0.8%, previous 0.8%), while the year-over-year reading increased 2.9% (consensus 3.2%, prior 2.7%). Also of note, Trimmed Mean CPI rose 0.5% quarter-over-quarter (consensus 0.7%, previous 0.9%). New Zealand's Visitor Arrivals fell 3.0% month-over-month (prior 1.8%), while Credit Card Spending jumped 8.1% year-over-year (last 6.0%). Singapore's CPI rose 1.2% year-over-year (consensus 1.1%, previous 0.4%). In news: Even though China's HSBC Manufacturing PMI registered its first improvement in four months, this marked the fourth consecutive reading below 50, signifying a contraction in activity.Major European indices trade lower. Great Britain's FTSE -0.1%, Germany's DAX -0.4%, and France's CAC -0.4%. Participants received several data points: Eurozone Manufacturing PMI rose to 53.3 from 53.0 (expected 53.0), while Services PMI improved to 53.1 from 52.2 (consensus 52.4). Germany's Manufacturing PMI increased to 54.2 from 53.7 (expected 54.0), while Services PMI jumped to 55.0 from 53.0 (consensus 53.4). French Manufacturing PMI fell to 50.9 from 52.1 (expected 51.9), while Services PMI decreased to 50.3 from 51.5 (expected 51.4). Great Britain's CBI Industrial Trends Orders fell to -1 from 6 (consensus 7), while Public Sector Net Borrowing came in at GBP4.86 billion (expected GBP9.10 billion, previous GBP7.00 billion). Among news of note: The Bank of England released the minutes from its latest meeting, which indicated unanimous support for continuing asset purchases at GBP375 billion. In U.S. corporate news:
AT&T (T 35.50, -0.79): -2.2% despite beating earnings estimates on revenue that was a bit ahead of expectations. Boeing (BA 130.33, +2.78): +2.2% after reporting above-consensus earnings and revenue. Cree (CREE 53.93, -4.12): -7.1% despite beating the Capital IQ consensus estimate by one cent. Dow Chemical (DOW 49.52, +0.58): +1.2% after reporting an earnings beat on below-consensus revenue.Delta Air Lines (DAL 35.75, +0.80): +2.3% after beating on earnings. Gilead Sciences (GILD 75.40, +2.54): +3.5% following its above-consensus earnings and revenue. Procter & Gamble (PG 80.74, +0.13): +0.2% after beating bottom-line estimates. Skyworks Solutions (SWKS 41.10, +3.14): +8.3% after beating on earnings and revenue. Yum! Brands (YUM 79.91, +2.43): +3.1% after beating earnings expectations on below-consensus revenue. The weekly MBA Mortgage Index fell 3.3% to follow last week's increase of 4.3%.

The New Home Sales report for March (Briefing.com consensus 455K) will be released at 10:00 ET.