Futures lower, looking for pullback
With the dollar firming but gold lower, investors await Fed chief Bernanke's comments Wednesday.
By 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:
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.
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 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 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.
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.
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.
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.
API weekly crude and gasoline inventories will be reported Tuesday and Federal Reserve members Bullard and Dudley will speak.
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