Dow Jones Industrial Average (DJIA) futures are down over 100 points this morning, as markets react to plummeting oil prices and lingering concerns over the U.S. tax overhaul. Crude futures are extending yesterday's slide this morning, with December-dated oil down 1.1% at $55.10 per barrel, ahead of today's weekly inventories data. Meanwhile, the Dow is once again being dragged down by General Electric (GE) stock, which is headed even lower after a massive two-day plunge.
Elsewhere, Target (TGT) stock is set to tank on a lackluster current-quarter forecast, even as broader U.S. retail sales rose 0.2% in October, topping expectations. The consumer price index (CPI) increased in line with estimates, while the core CPI rose at an annual rate of 1.8% last month -- the fastest pace since April, bolstering expectations for a Fed rate hike next month.
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Asian markets finished lower today, as sinking oil prices dropped energy stocks. Japan's Nikkei was the region's biggest loser -- shedding 1.6% for its sixth straight loss, as financial shares fell on rumors of potential layoffs across the sector and the yen strengthened on a better-than-expected third-quarter gross domestic product (GDP) reading. Elsewhere, Hong Kong's Hang Seng gave back 1%, China's Shanghai Composite closed down 0.8%, and South Korea's Kospi slid 0.3% as big-cap tech stocks retreated.
European markets are in the red at midday, pressured by falling crude futures. Mining stocks are also on the decline -- feeling the heat as copper prices continue to struggle in the wake of Monday's dismal data out of China. At last check, the German DAX was down 1%, while the French CAC 40 and London's FTSE 100 were each flirting with 0.5% losses, the latter of which comes following a report showing U.K. unemployment logged its biggest quarterly loss in two years in the July-to-September stretch.