Stocks Pulled Down by China and Copper

Continuing worries about the slowdown in growth in China and the tensions in Ukraine overshadowed market sentiment Wednesday, as stock futures headed south following sharp losses in Tokyo and Hong Kong started to be repeated in Europe.

While gold was up on the falling share prices, worries over China crushed the price of copper again and pushed down the price of crude sharply.

Futures at the S&P 500 dropped over 4 points to 1,860, while the same at the Dow Jones were off by 36 points to 16,299. Nasdaq was down 11 points to 3,677.

Plug Power saw its share jump by 5% on Wednesday during premarket trading. On Tuesday, the supplier of fuel-cell shares plummeted by 42% after an analyst said it would be fairly valued at just 50 cents.

Other movers during premarket trading on Wednesday included a jump of just less than 10% in Verifone Systems shares, which reported earnings that were better than expected.

Oxigene saw its shares surge by 133% following the results of a clinical trial showing an increased rate of survival for patients who have ovarian cancer.

Stocks on Wall Street finished down on Tuesday in choppy trading with the S&P 500 down by 9 points after retreating again following a record close on Friday.

Wednesday’s calendar is empty for data, which means Wall Street investors will likely look elsewhere for their direction. Economic uncertainty from China amidst lingering fears on exports much weaker than expected. Crude has dropped by 1.7% in April and copper for May has dropped by 0.6%.

A local newspaper in China reported that China’s central bank might respond to the slowing demand for credit by pumping additional monies into the banking system.

Adding to the worries a power equipment maker in Shanghai for the new energy sector dropped 5.1% as it had its corporate bond suspended for another day.

The company posted a net loss for the full year for the second straight year, which led it receiving a de-listing warning.

The solar equipment maker failed to meet its interest payments last Friday on a bond.

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