Stock futures holding steady after latest records
Bulls may be in control, but Wall Street will be watching for any sign of the Fed backing off its bond buying.
It's Monday and the S&P 500 is, again, sitting at an all time high of 1,667.47. CNBC predicted that the bulls will keep control this week, but the market will watch for any sign that Federal Reserve Chairman Ben Bernanke is considering drawing down the central bank's bond buying.
However, some technicians note that the market is looking parabolic as the upward slope of the rally is the steepest it's been since it began.
Early on Monday S&P 500 futures are down slightly to 1,665.07, while the euro/U.S. dollar was up slightly at 1.2864. Also in Europe,German 10-year government bond yields rose 3 basis points to 1.36%, and Italian 10-year government bond yields fell 2 basis point to 3.83%.
In other news:
- Gold fell 0.97% to $1,351.50 per ounce.
- According to The Wall Street Journal, Yahoo (YHOO) has agreed to buy Tumblr for $1.1 billion in an all cash deal.
- 15-1 long shot, Oxbow, won the Preakness ending Kentucky Derby winner Orb's quest for the coveted Triple Crown.
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The Nikkei rose to a five-year high, up 222 points or 1.47% to 15,360.81 as optimism over Prime Minister Shinzo Abe's pro-growth measures increases.
The Kopsi is under pressure as tensions rose after reports that North Korea fired four short-range missiles despite the international community's condemnation. It was down 0.22% to 1,982.43.
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European shares were up fractionally overnight. The Spanish Ibex Index rose 0.08%, and the German DAX rose 0.42%. The French CAC 40 rose 0.14%, while U.K. shares were flat.
Commodities were down overnight with WTI crude futures falling 0.59% to $95.45 per barrel and Brent crude futures down 0.42% to $104.22 per barrel. Copper futures fell 0.95% to $329.15, and gold and silver futures continued their sell-off, with silver declining 0.79% to $21.57 per ounce.
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The news continued to be the Japanese yen over 100 at 102.63 against the U.S. dollar. The GBP/USD was up fractionally at 1.5193, and the EUR/USD was up 0.41% at 1.2864
Earnings reported Friday
- Stage Stores (SSI) reported first quarter EPS of -11 cents vs. 9 cents expected on revenue of $378.6 million vs. $388.43 million expected. The stock closed 7.25% lower at $24.19.
- Donaldson Co. (DCI) reported fiscal third-quarter EPS of 47 cents vs. 49 cents expected on revenue of $619 million vs. $659.40 million expected. The stock closed fractionally lower at $38.18.
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Investors are mostly sitting on their hands Monday morning after a month of solid gains.
- Time Warner (TWX) shares are up 1.48% after a solid box-office showing of Star Trek: Into Darkness.
- Yahoo (YHOO) is up 2.75% on news that it will purchase Tumblr.
- Click here for more of Benzinga's Pre-Market Outlook!
- Campbell Soup (CPB) is expected to report fiscal third-quarter EPS of 56 cents vs. 56 cents a year ago.
- Urban Outfitters (URBN) is expected to report first-quarter EPS of 29 cents -- a year-over-year gain of 6 cents.
- JA Solar Holdings (JASO) is expected to post a Q1 loss at $1.03 per share on revenue of $226.50 million.
- TiVo (TIVO) is expected to post a Q1 loss at 14 cents per share on revenue of $61.88 million.
- Click here for more of Benzinga's earnings news!
No economic data is on the calendar today. Chicago Fed President Charles Evans will speak, and Treasury will auction three- and six-month bills.
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Stocks drift lower and bonds are hit as investors await the Fed. Prepare for higher volatility this week.
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