Futures dip on discouraging news from Japan

AP News
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Posted: Aug 12, 2013 8:40 AM
Futures dip on discouraging news from Japan

NEW YORK (AP) — Stock futures are heading lower after Japan released discouraging growth figures for the second quarter, sending the dollar higher against the yen in early trading.

Dow Jones industrial futures are down 57 points to 15,318. S&P futures have given up 7.4 points to 1,673.80. Nasdaq futures are down 10.25 points to 3,103.

Japan reported annualized economic growth of 2.6 percent, short of the projected 3 percent.

The U.S. is expected to report that the national deficit fell again last month. The report is due from the Treasury Department at 2 p.m. Eastern.

The Congressional Budget Office estimates that the deficit for July will total $96 billion, bringing the deficit for the first 10 months of the budget year to $606 billion, $368 billion better than the same period last year.