Futures slightly higher on economic data
US markets, after setting new highs Friday on the encouraging employment report, are set for a more cautious open Monday.
U.S. equity futures rose slightly in early premarket trade following the strong U.S. employment report and better than expected services data from the EU. Notably, Japanese and U.K. markets were closed overnight.
To recap the employment report, the U.S. economy added 165,000 nonfarm jobs and 176,000 private sector jobs, while the unemployment rate unexpectedly fell and previous months payroll data were revised sharply higher.
The eurozone's services sector contracted less than expected in April as the eurozone services PMI rose to 47.0 from 46.6 in March on expectations of a flat reading. The report showed strength in Germany, France and Italy.
Spain's unemployment burden eased in April as the number of people claiming unemployment unexpectedly fell 0.91% in April on expectations of a gain.
S&P 500 futures rose 0.5 points to 1,609.00.
The EUR/USD was lower at 1.3106.
Spanish 10-year government bond yields fell 2 basis points to 4.02%.
Italian 10-year government bond yields rose 2 basis points to 3.84%.
Gold rose 0.58% to $1,472.70 per ounce.
Asian shares were mostly higher overnight on the back of the strong U.S. employment report. The Shanghai Composite Index rose 1.17% and the CSI 300 Index rose 1.31% while the Hang Seng Index gained 0.99%. Also, the Korean Kospi fell 0.22% and Australian shares gained 0.52%.
European shares were mostly lower overnight in thin trading following strong gains last week on the back of the ECB rate cuts and the U.S. employment report. The Spanish Ibex Index fell 0.37% and the Italian FTSE MIB Index declined 0.56%. Meanwhile, the German DAX declined 0.16% after reaching a new all-time high last Friday and the French CAC 40 fell 0.27%.
Commodities were mostly higher overnight led by oil as natural gas futures fell sharply. WTI crude futures rose 0.66% to $96.24 per barrel and Brent crude futures rose 0.46% to $104.67 after Israel launched two air strikes on Syria to target Hizbollah weapons shipments from Iran. Natural Gas futures fell 0.77% to $4.01 per million BTU on warmer weather conditions. Copper futures fell 0.08% to $331.20 on weaker than expected retail sales and CapEx data in Australia. Gold was higher and silver futures gained 0.44% to $24.12 per ounce.
Currency markets were rather quiet overnight as the yen continued its decline. The EUR/USD was slightly lower at 1.3106 and the dollar gained against the yen to 99.34. Overall, the Dollar Index rose 0.08% on strength against the yen, the Swiss franc, the pound, the euro, and the Canadian dollar.
Earnings reported earlier
Key companies that reported earnings Friday include:
CBOE Holdings (CBOE) reported first quarter earnings per share of $0.50 vs. $0.44 on revenue of $142.7 million vs. $135.87 expected.
Moody's (MCO) reported first quarter earnings per share of $0.97 vs. $0.85 on revenue of $731.8 million vs. $718.01 million expected.
Madison Square Garden (MSG) reported third quarter earnings per share of $0.49 vs. $0.33 on revenue of $412.4 million vs. $405.11 million expected.
Weatherford International (WFT) reported first quarter earnings per share of $0.15 vs. $0.17 on revenue of $3.84 billion vs. $3.9 billion expected.
Stocks moving in the premarket included:
Berkshire Hathaway (BRK.A) (BRK.B) shares rose 1.99% premarket following the blowout earnings and comments from CEO Warren Buffett that the board has already been told who he would like as his potential successor.
Advanced Micro Devices (AMD) shares fell 1.39% after rising nearly 6% Friday.
Disney (DIS) shares rose rose 0.39% after the strong release of Iron Man 3.
Newmont Mining (NEM) shares rose 0.61% premarket as gold prices rose.
Notable companies expected to report earnings Monday include:
Tesco (TESO) is expected to report first quarter earnings per share of $0.25 vs. $0.37 a year ago.
Anadarko Petroleum (APC) is expected to report first quarter earnings per share of $0.93 vs. $0.92 a year ago.
Sott's Miracle Grow (SMG) is expected to report second quarter earnings per share of $2.00 vs. $2.15 a year ago.
Vornado Realty Trust (VNO) is expected to report first quarter earnings per share of $1.89 vs. $1.82 a year ago.
On the economics calendar Monday, ECB President Mario Draghi is set to speak, followed by a Treasury auction of three- and six-month bills. Later, the TD Ameritrade Investor Movement Index is expected to be released followed by a Treasury STRIPS auction. Overnight, the RBA rate decision, French industrial production and German factory orders data are due out.
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