March 12 Premarket Briefing: 10 Things You Should Know
Updated from 7:03 a.m. EDT
Here are 10 things you should know for Wednesday, March 12:
1.-- U.S. stock futures were pointing to losses for Wall Street on Wednesday as global markets declined on continued worries over China's economic outlook.
European stocks fell and Asian shares ended the session to the downside. Hong Kong's Hang Seng closed down 1.7% and China's Shanghai Composite declined 0.2%. Japan's Nikkei 225 slid 2.6%.
2.-- The economic calendar in the U.S. on Wednesday includes the Treasury Budget for February at 2 p.m. EDT.
3.-- U.S. stocks on Tuesday finished lower as the Ukrainian crisis lingered and concerns remained around Chinese economic growth.The Dow Jones Industrial Average fell 0.41% to close at 16,351.25, while the S&P 500 dipped 0.51% to 1,867.63. The Nasdaq dropped 0.63% to 4,307.19.
4.-- Federal prosecutors are examining whether GM
The probe is in its early stages , and the source didn't elaborate on the legal theory behind the potential criminal liability, Reuters said.
Federal investigators are reviewing information about how GM handled reports of problems with ignition switches that first surfaced 10 years ago, the source said.
GM shares fell 0.6% in premarket trading to $34.97.
5. -- Men's Wearhouse
Shares of Men's Wearhouse fell 2.3% in premarket trading to $55.98. Jos. A. Bank shares rose 0.05% to $64.25.
6. -- Tesla
The regulation was adopted Tuesday by the state's Motor Vehicle Commission by a 6-0 vote. The ruling effectively prohibits companies from using a direct-sales model. It will take effect April 1.
Tesla doesn't have dealerships which sell cars from auto manufacturers such as GM and Ford but instead has stores placed in malls where consumers can test drive the Model S.
Tesla shares fell 1.6% to $230.60 in premarket trading on Wednesday.
7. -- A plan to phase out government-controlled mortgage giants Fannie Mae
The agreement by two key senators and a White House endorsement sent shares of Fannie and Freddie sinking Tuesday. Fannie stock fell $1.79, or more than 30%, to $4.03. Freddie dropped $1.48, or 26.8%, to $4.04.
In premarket trading Wednesday, Fannie fell 13.15% to $3.50; Freddie fell 15.6% to $3.41.