US Stock Futures Slip Ahead Of Personal Income, Spending Data

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The FINANCIAL — U.S. stock futures slipped Monday morning, pulling back from the recent string of gains, as concerns over a recession in Spain prompted investors to tread cautiously ahead of personal income and spending data.

 

Dow Jones Industrial Average futures slipped 20 points, or 0.2%, to 13144. The Dow rose 24 points, or 0.2%, on Friday to stretch its winning streak to four sessions.

Standard & Poor's 500-stock index futures slipped 3 points, or 0.2%, to 1396 and Nasdaq 100 futures declined 7 points, or 0.3%, to 2730. Changes in stock futures don't always accurately predict stock moves after the opening bell.

According to Borsa Italiana – London Stock Exchange Group, in the economic calendar, data on personal income, consumer spending and personal consumptions expenditures for March are all due out at 8:30 a.m. EDT. Economists surveyed by Dow Jones Newswires expect, on average, income to rise 0.2%, spending to increase 0.4% and expenditures to be up 0.2%.

That will be followed by a reading on Chicago-area manufacturing activity in April is due at 9:45 a.m. EDT and by data on manufacturing activity in the Dallas area at 10:30 a.m. EDT.

European markets edged mostly lower, with the Stoxx Europe 600 down 0.2% and in danger of halting a four-session win streak, after data confirmed that Spain slipped back into recession. The Spanish economy contracted 0.3% in the first quarter from the fourth quarter, following a 0.3% decline in the fourth quarter. A recession is widely defined as two consecutive quarters of negative growth.

Asian markets were broadly higher on the back of a strong finish in the U.S. the previous week. Hong Kong's Hang Seng rose 1.7% and Australia's ASX 200 tacked on 0.8%. Markets in Japan and Shanghai were closed for holidays.

Crude oil futures shed 0.7% to $104.24 a barrel, while gold futures ticked down 0.1% to $1662.50 an ounce. The U.S. dollar rose against the euro but lost ground against the yen.

In corporate news, shares of Barnes & Noble shot up 92% in premarket trading after the book seller said Microsoft was making a $300 million investment in its Nook digital-book business and college texts unit. Microsoft gained 0.1%.

Scholastic climbed 10% after the company raised its full-year earnings outlook to well above current estimates, citing stronger-than-anticipated sales of "The Hunger Games" trilogy following the release of the movie.

Humana lost 4.4% after the health-care company reported first-quarter earnings that fell short of analyst estimates, and provided a full-year outlook was below current projections.

Anheuser-Busch InBev's U.S.-listed shares fell 1.5% after the Belgium-based beer brewer reported a year-over-year increase in first-quarter earnings revenue that just missed analyst expectations.

 

 

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