Early indications point to a modest pullback Monday, but without much news to guide the market one way or the other. Thirty minutes before the opening bell on Wall Street, stock index futures hint at a possible 30 or 40 point early loss for the Dow Jones Industrial Average.
With little happening in the financial world today, investors await the Federal ReserveÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s decision on rates Wednesday, retail sales numbers Thursday, and earnings from a number of retailers, including Wal-mart (WMT), later in the week.
Some of the commodity-related names might see early weakness after crude oil slipped 33 cents to $70.60 a barrel and gold lost $11.50 to $948 an ounce.
Meanwhile, with no economic data scheduled until reports on productivity and labor costs Tuesday morning, bonds arenÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢t doing much. The benchmark ten-year Treasury bond is up 1/32nd and yields 3.85 percent.
After big gains Friday, the dollar gave back .51 to 97.16 on the Japanese yen. The euro is down .0002 to 1.4172 on the buck.
Among the stocks to watch, McDonaldÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s (MCD) is up 1.4 percent after reporting a 4.3 percent increase in July sales. Dish Networks (DISH), Freddie (FRE), and Priceline (PCLN) are set to open higher in reaction to earnings news. Merck (MRK) is up 2.3 percent after Goldman added the company to its Conviction Buy list.
Dynegy (DYN) and Analog Devices (ADI) fell on earnings news. Rio Tinto (RTP) is down along with the metals and amid China spy allegations–Reuters. Best Buy (BBY) slipped after Goldman cut its rating to Neutral from Buy. Finally, Goldman added Eli Lilly (LLY) to its Conviction Sell list, sending shares down 3.4 percent in pre-market action.
Category: Market Update
About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.