Futures lower, looking for pullback

With the dollar firming but gold lower, investors await Fed chief Bernanke's comments Wednesday.

By Benzinga May 21, 2013 8:31AM

zurbar age fotostockBy Tim Parker


The markets ended Monday's trading session barely in the red on the back of a weak dollar and gold that started the day sharply lower but then rebounded.


On Tuesday, traders will watch for signs of follow-thru of Monday's pullback.


Here's what happened overnight:


Morning news

  • S&P 500 futures are down slightly to 1,661.75.

  • The EUR/USD was unchanged at 1.2881.

  • German 10-year government bond yields rose 1 basis point to 1.3%.


  • Italian 10-year government bond yields rose 2 basis points to 3.89%.

  • Gold fell 0.48% to $1,377.40 per ounce.

  • JPMorgan Chase (JPM) will hold its shareholder meeting in Tampa, Florida today. All eyes will be on the proposal to split the chairman and CEO roles. Chairman and CEO Jamie Dimon had said previously that he may leave the bank if the proposal is approved.

  • Apple (AAPL) CEO Tim Cook will testify before Congress Tuesday. On Monday, Reuters reported that Apple has held billions in profits in Irish subsidiaries paying little or no taxes to any government, according to a Senate report.

  • Click here for more of Benzinga's Top News stories

Asian markets

The Nikkei began the trading session sharply lower but rose to another high, up 20.21 points or 0.20% to 15381.02 -- catching its breath after a strong Monday. Other markets were mostly down. The Kopsi is flat, the Shanghai composite was up 0.22%, and the ASX 200, the Australian index, was down 0.56%.


European markets

European shares were mostly lower as investors prepare for key Federal Reserve comments on Wednesday. The Spanish Ibex Index was down 0.92% and the Italian FTSE MIB Index lost 0.80%. Meanwhile, the German DAX was down 0.52% and the French CAC 40 shed 0.40% while U.K. shares were flat.


Commodities

Commodities were mostly mixed overnight with WTI crude futures falling 0.20% to $95.52 per barrel while Brent crude futures down 0.12% to $103.80 per barrel. Copper futures fell 0.12% to $335.60 and silver futures continued the selloff down 0.26% to $22.64 per ounce.


Currencies

The Japanese Yen showed continued weakness against the dollar, falling to 102.66—a loss of 0.40%. Reports surfaced that Japanese officials said that the currency may have now weakened enough. The GBP/USD was down fractionally at 1.5179, and the EUR/USD was mostly unchanged 1.2881.


Earnings reported Monday

  • Urban Outfitters (URBN) reported earnings per share of $0.32 on revenue of $648.2 million. Analysts expected earnings per share of $0.29 on revenue of $654.9 million. The stock was down 4.5% in after hours trading.

  • TiVo (TIVO) reported first quarter loss per share of $0.09 on revenue of $82.6 million. Analysts expected loss per share of $0.15 on revenue of $20.7 million. The stock was up 1.1% in premarket trade.

  • JA Solar Holdings (JASO) reported first quarter loss per share of $0.85 on revenue of $270 million. Analysts expected loss per share of $1.20 on revenue of $228.97 million. The stock was up some more than 18% in premarket trading.

Tuesday's earnings

  • Auto Zone (AZO) is expected to report fiscal third quarter earnings per share of $7.23 vs. $6.28 a year ago.

  • Best Buy (BBY) is expected to report first quarter earnings per share of $0.25 vs. $0.72 a year ago.

  • Home Depot (HD) is expected to report first quarter earnings per share of $0.75 vs. $0.65 a year ago.

  • Intuit (INTU) is expected to report fiscal third quarter earnings per share of $2.93 vs. $0.51 a year ago.

Premarket movers

  • Carnival Corp (CCL) is down nearly 7% in premarket trade after reports said the company is cutting prices to attract consumers after a series of embarrassing incidents.

  • Newmont Mining Corp (NEM) is down more than 1.5% as gold continues to fall and investors' sentiment towards the metal is bearish.

Economics

API weekly crude and gasoline inventories will be reported Tuesday and Federal Reserve members Bullard and Dudley will speak.


More from Benzinga

0Comments

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

111
111 rated 1
272
272 rated 2
474
474 rated 3
656
656 rated 4
638
638 rated 5
699
699 rated 6
623
623 rated 7
486
486 rated 8
260
260 rated 9
128
128 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
DYNDYNEGY Inc10
TAT&T Inc9
VZVERIZON COMMUNICATIONS9
EXCEXELON CORPORATION8
AAPLAPPLE Inc10
More

VIDEO ON MSN MONEY

ABOUT

Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.