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After earning hard-fought gains on Monday, U.S. stock futures pointed to a strong opening on Wall Street. Investors are looking ahead to the reading of the non-manufacturing ISM survey, which is expected to show continued expansion in the non-manufacturing sector, although at a slightly slower pace. Meanwhile, reports indicate that China has set a 7.5 percent GDP growth target rate, and that the new government will focus on sustainability, a consumer-driven economy, and narrowing the income gap. All together, that creates a warm-fuzzy feeling for U.S. market participants.
Futures at 8:50 a.m.: DJIA: +0.37%, S&P 500: +0.43%, NASDAQ: +0.52%.
As a leading aerospace and defense company, General Dynamics (NYSE:GD) is particularly sensitive the defense spending cuts bundled into the sequestration. Reuters reported that the company has warned over 1,000 employees that their jobs may be in jeopardy because of the spending cuts. General Dynamics has been building ships for the U.S. military since the 1960s.
If there’s anything J.C. Penney (NYSE:JCP) can’t catch, it’s a break. Shares were down as much as 3.2 percent in Tuesday’s pre-market as investors and analysts reacted to news that Vornado Realty Trust is selling nearly half its stake in the retailer. Reuters reported that a source familiar with the matter leaked the information on Monday evening, and all around the sentiment seems to be that J.C. Penney was a miscalculated bet.
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