Markets Are Down

Stocks are set to open lower, with Dow futures down 67 points (0.4%), S&P 500 futures down 9 points (0.5%), and Nasdaq futures down 17 points (0.5%).

U.S. stocks are taking their lead from international markets, which are also lower, with Germany’s DAX down 0.9% and London’s FTSE down 0.5%.

The biggest story of the day is from the U.S. political arena, as Republican House Majority Leader Eric Cantor lost his primary election in Virginia last night. Its one of the most surprising losses in recent U.S. politics, and may spell bad news for Cantor’s supporters on Wall Street.

Treasuries edged up for the second session in the last 10 days.

There were no major economic reports from the U.S. this morning.

In Europe, unemployment in the U.K. fell to a 5-year low of 6.6%.

In corporate news, touchscreen maker Synaptics is up 19% after announcing plans to acquire Renesas SP Drivers for $US475 million. The company also raised its fourth quarter revenue outlook to $US300 million to $US310 million from $US275 million to $US295 million.

Beauty products retailer Ulta Salon is also up 11% after reporting better than expected first quarter results.

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