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Futures dip as gloom in EU overshadows US earns

7:37 AM, Aug 8, 2012   |    comments
(Credit: KNBC)
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NEW YORK (AP) - Stock futures are heading lower as worrisome indicators in Europe finally overtook what has been a healthy earnings season for U.S. corporations.

The Bank of England is now saying that the nation's economy will stagnate this year.

Dow Jones industrial futures are down 62 points to 13,057 and the broader S&P futures have given up 5.3 points to 1,391.70. Nasdaq futures are down 6 points at 2,704.

In its quarterly inflation report released Wednesday, the BOE predicted that the U.K. economy will not grow in 2012. The bank just three months ago had forecast growth of 0.8 percent for the year. Those hopes evaporated as the U.K.'s economic output fell by 0.3 percent.

U.S. companies continue to post big gains this quarter. Macy's says net income jumped 16 percent.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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