NEW YORK—U.S. stock futures dropped, as a surprise jump in euro-zone inflation and some disappointing corporate news put the market on track to end a bad quarter on a sour note.
About 90 minutes before the opening bell, Dow Jones Industrial Average futures had slumped 132 points to 10967. The Dow closed up 143 points on Thursday but at that point had lost 1260 points, or 10% during the third quarter, the biggest percentage decline since the first-quarter of 2009.
Standard & Poor's 500-stock index futures shed 15 points to 1141 and Nasdaq 100 futures slid 24 points to 2166. Changes in stock futures don't always accurately predict stock moves after the opening bell.
In overseas markets, Europe was broadly lower, with the Stoxx Europe 600 down 1.6% on the session, and about 17% for the quarter. The annual inflation rate in the euro zone rose to 3% in September, the fastest rate in nearly three years and more than the 2.5% rate expected by economists. The rate was also well above the European Central Bank's target of just below 2%, which makes it less likely the ECB will lower interest rates.
Earlier this week, global stock markets rallied after an ECB council member said rate cuts couldn't be excluded.
Asian bourses ended mostly, but slightly lower, with China's Shanghai Composite easing 0.3%. That index shed 15% for the quarter, while Japan's Nikkei Stock Average fell fractionally on the day and lost 11% over the quarter.
Gold futures rose to about $1,621 an ounce. Crude oil futures slipped to nearly $81 a barrel. The U.S. dollar rose against the euro and the yen.
On the economic calendar, data on personal income, consumer spending and core personal consumption expenditures in August is scheduled for release at 8:30 a.m. ET. A reading on Chicago-area manufacturing activity during September is due out at 9:45 a.m., and a reading on consumer sentiment in September is due at 9:55 a.m.
In corporate news, shares of Micron Technology dropped 3.4% after the chip maker reported a fiscal fourth-quarter loss, rather than the slight profit that analysts had expected, as sales and margins were negatively affected by declining average selling prices for PC memory.
Ingersoll-Rand sank 5.5% after the industrial conglomerate lowered its earnings and revenue outlook for the current quarter, citing weak demand in its consumer-related and commercial security businesses.
Orion Marine Group tumbled 18% after the marine construction and services company said its markets have experienced "uncertain and tough times," and weak economic growth and delays in Federal spending should continue to put pressure on margins into the foreseeable future.
Elsewhere, McGraw-Hill is in advanced talks to combine its S&P Indices with CME Group's Dow Jones Indexes, according to a report in the Wall Street Journal. If completed, the deal would leave CME with a stake of about 25%.
