U.S. Stock Futures Point to Lower Opening

U.S. stock futures point to lower opening on Tuesday after new data showed that the Chinese economy has expanded at a slower rate in the third quarter and quarterly results from IBM failed to impress investors.

Futures on the S&P 500 Index declined 0.23 percent at 6:50 a.m. ET, futures on the Dow Jones Industrial Average fell 0.3 percent, while futures on the Nasdaq 100 gained 0.26 percent.

The gross domestic product of China has expanded 9.1 percent in the third quarter from a year earlier, which is the slowest growth in more than two years for the world's second-largest economy.

The GDP expanded by 9.1 percent year-on-year in the third quarter of the year, down from 9.5 percent in the second quarter and 9.7 percent in the first quarter, the National Bureau of Statistics said Tuesday.

IBM reported third-quarter results that narrowly beat analyst expectations but failed to impress investors.

Revenue and service signings roughly met forecasts, but paled in comparison with strong results in recent weeks from Oracle Corp. and Accenture Plc that had fueled an IBM stock rally to an all-time high on Friday, Reuters reported.

On the earnings front, Bank of America Corp., Goldman Sachs Group, EMC Corp. and Coca Cola Co. will report their quarterly earnings before the opening bell, while Apple Inc., Intel Corp. and Linear Technology will report their quarterly earnings after the closing bell.
U.S. stocks plunged on Monday as German officials dashed the heightened expectations of investors.

The euro declined 0.28 percent to 1.3700 against the dollar and the yen gained 0.21 percent against the greenback.

European stock markets are currently trading lower with FTSE100 down by 64.95 points, DAX30 down by 37.97 points and CAC 40 down by 56.06 points.