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.

By Benzinga May 20, 2013 8:31AM
Stock market (© Zurbar/age fotostock)By Tim Parker

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:

Asian markets

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.

Click here for more of Benzinga's global economic news!


European markets

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

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.

Click here for more of Benzinga's commodity news!


Currencies

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.
  • Click here for more of Benzinga's mover news!

Premarket movers

Investors are mostly sitting on their hands Monday morning after a month of solid gains.

Monday's earnings

  • 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!

Economics

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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(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


2Comments
May 20, 2013 9:47AM
avatar
Of course it is...  with 85B a month being poured into it...

When the FED presses stop, look out below...  The DOW could fall 2000-3000 points quickly.  
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