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Stock futures slip on China manufacturing report
By AP Markets Writer
Associated Press
2014-01-23 11:01 PM

NEW YORK (AP) -- NEW YORK (AP) - U.S. stock futures are slipping as investors weigh fourth-quarter earnings reports and a survey in China suggests the manufacturing sector of the world's second largest economy is set to contract.

Dow Jones industrial average futures are down 74 points to 16,243 before the opening bell. Standard & Poor's 500 index futures have given up 7 points to 1,832. Nasdaq futures are down 8 points to 3,612.

After the closing bell Wednesday, Netflix reported that it had added 2.3 million in the last three months of 2013. Fourth-quarter earnings at the streaming video company climbed six-fold over the same period last year.

Union Pacific beat analyst forecasts with a 13 percent jump in fourth-quarter profit on strong grain, automotive and industrial shipments. McDonald's also surprised analysts with $1.40 per share earnings, a penny more than expected, though comparable-store sales edged lower, led by a decline in the U.S.

A preliminary version of HSBC's purchasing managers' index dipped to 49.6 this month from December's 50.5 reading. It's the lowest reading in China since July's 47.7. The index is based on a 100-point scale on which numbers above 50 indicate expansion.

The yield on the 10-year Treasury note fell to 2.83 percent from 2.86 percent on Wednesday. The price of oil rose 35 cents, or 0.4 percent, to $97.08 a barrel. Gold was up $11.10, or 0.9 percent, to $1249.70 an ounce.

Japan's Nikkei 225 dropped 0.8 percent to close at 15,695.89 and Hong Kong's Hang Seng sank 1.5 percent to 22,733.90. South Korea's Kospi lost 1.2 percent to 1,947.59. The Shanghai Composite Index in mainland China retreated 0.5 percent to 2,042.18. In European trading, Germany's DAX slipped 0.1 percent to 9,715.41 and the FTSE 100 index of leading British companies lost 0.1 percent to 6,820.00. But France's CAC 40 rose 0.2 percent to 4,335.56.

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