Futures flat ahead of durable goods data
Investors expect the report to show some weakness, and are cautious ahead of the long holiday weekend.
By Tim Parker
On Thursday the Dow Jones Industrial Average ($INDU) erased a loss of more than 120 points to end close to flat on the day, suggesting a buy on the dip mentality. Let's not forget that this is a market that found a way to attract buyers on a day the Nikkei was down more than 7% and most global markets sold off as well.
This morning, g around the world were steady with most major averages near the flatline.
- S&P 500 futures are down nearly 3 points to 1647.25
- The EUR/USD was up at 0.38% to 1.2984
- German 10-year government bond yields are unchanged at 1.466%.
- Italian 10-year government bond yields rose nearly 1 basis point to 4.014%.
- Gold was down 0.47% to $1,386.60 per ounce.
- St. Louis Federal Reserve President James Bullard told CNBC that inflation needs to move closer to target before quantitative easing is tapered.
- The Nikkei saw extreme volatility once again but rebounded from its 7.3% plunge the day before. It was up more than 2% after its open but closed up just shy of 1%.
- European Central Bank president, Mario Draghi said that the eurozone was more stable than one year ago and that the region needed more integration with the U.K. as a part of that, according to CNBC.
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Asia Pacific markets
The Nikkei rebounded from Thursday's plunge by gaining at the open but couldn't find the continued buying interest. It ended up 0.89% to close at 14612.45.
Other markets were mostly up. The Kopsi was up 0.22%, the Shanghai composite was up 0.57%, and the ASX 200, the Australian index, was down 1.56%.
European markets were up this morning. The Spanish Ibex Index was unchanged and the Italian FTSE MIB Index was up 0.35%. Meanwhile, the German DAX was up 0.15% and the French CAC 40 was up 0.62% while the U.K. market was down 0.19%.
Commodities followed other market cues and remain mostly flat. WTI crude futures fell 0.07% to $94.28 per barrel while Brent crude futures were up 0.05% to $102.49 per barrel. Copper futures were up 0.30% to $331.40 and silver futures were down 0.12% to $22.48 per ounce.
The Japanese yen was stronger against the dollar gaining 0.34% at101.66. The GBP/USD was down 0.02% at 1.5104, and the EUR/USD was up 0.38% to 1.2984
Earnings reported Thursday
- Sears Holdings (SHLD) reported loss per share of $1.29 with revenues of $8.45 billion. Analysts expected loss per share of $0.65.
- Gap (GPS) reported earnings per share of $0.71 with revenues of $3.73 billion
- Salesforce.com (CRM) reported earnings per share of $0.10 with revenues of $839 million.
- Marvell Technology (MRVL) reported earnings per share of $0.19 with revenues of $734 million.
- Pandora (P) reported loss per share of $0.10 on revenues of $125.05 million.
- Abercrombie & Fitch (ANF) is expected to report loss per share of $0.05 with revenues of $942.86 million.
- Foot Locker (FL) is expected to report earnings per share of $0.87 with revenues of $1.63 billion.
Markets are clearly taking a breather this morning prior to the open, following the cue of world markets.
- Procter & Gamble (PG) was up 1% on news that A.G. Lafley is taking over as CEO.
- Comerica (CMA) was up 0.67%. The company was recently downgraded by Oppenheimer.
- Gap (GPS) was down 2.08% on disappointing earnings
On Friday, durable goods will be reported at 8:30 a.m. ET.
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After enjoying a smooth rise in stock prices since May, investors are about to be hit with another bout of volatility.
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