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Showing posts with label by MarketWatch; June 10. Show all posts
Showing posts with label by MarketWatch; June 10. Show all posts

Jun 10, 2013

Stock futures rise, Fed’s Bullard to speak: U.S. Stock Market Future Indications , by MarketWatch; June 10, 2013.

By Barbara Kollmeyer, MarketWatch 
MADRID (MarketWatch)U.S. stock futures were pointing to gains for Wall Street on Monday, with investors encouraged by a rally for Japanese stocks. Investors brushed aside weaker Chinese data and looked ahead to a speech by St. Louis Federal Reserve President James Bullard.

Futures for the Dow Jones Industrial Average DJM3 +0.30%  gained 33 points, or 0.2%, to 15,241, while those for the Standard & Poor’s 500 index SPM3 +0.25%  rose 3.9 points, or 0.2%, to 1,642.50. 

Futures for the Nasdaq 100 index NDM3 +0.23%  rose 6.25 points, or 0.2%, to 2,986.75. 

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Last week’s data featured May jobs growth that many say has left the debate open about when the Federal Reserve may begin to taper its $85 billion bond-buying program. 

St. Louis Fed’s Bullard, a voting Fed member this year, is due to speak in Montreal on the global economy at 9:50 a.m. Eastern time. His is also the last scheduled speaker before the Fed’s interest-rate decision in June. Read: Spotlight on the economy
Data for the rest of the week include retail sales, where economists will be looking for signs whether sequestration and higher tax rates are taking a toll on consumers. 

Wall Street rallied late last week to break a two-week losing streak; the Dow Jones Industrial Average DJIA +1.38%  gained 0.9%, the S&P 500 Index SPX +1.28%  rose 0.8% and the Nasdaq Composite Index COMP +1.32%  added 0.4% from the previous Friday. 

But some say the S&P 500’s most recent bounce off its 50-day moving average show momentum is weakening for the index. Read more

Others, such as J.P. Morgan Cazenove, have a more upbeat outlook for stocks. “We think the underlying market fundamentals remain positive, do not think market weakness will morph into a significant selloff and stay in buying-the-dips mode,” J.P. Morgan strategists wrote in a note on Monday. 

Among stock movers, shares of Facebook Inc. FB +2.83%  rose over 2% after analysts at Stifel lifted the stock to buy from hold, saying it is “one of the most compelling investments in the Internet sector.” 

Shares of Apple Inc. AAPL +0.26% AAPL +0.26% will remain in focus as Monday sees the start of its annual Worldwide Developer’s Conference, where it is expected to present updated operating-system software and perhaps a new music-streaming service. Read the preview

A customer holds a child while shopping at a supermarket in Shenyang, Liaoning province, June 9, 2013.
Media reports said that Google Inc. GOOG +1.75% is close to a deal to buy Israeli-based mapping and navigations group Waze for around $1.1 billion as soon as Monday.
Overseas, a string of downbeat China data didn’t seem to phase Asian markets much on Monday. China’s producer price index fell a bigger-than-expected 2.9% in May, versus a 2.6% on-year decline reported a month earlier. 

Stocks in Tokyo rebounded after a three-session loss, with the Nikkei Stock Average JP:NIK +4.71%  finishing 4.9% higher to 13,514.20, backing further away from bear territory, as the yen weakened

In Europe, markets wavered after the Chinese data, with mining stocks particularly under pressure. 
Barbara Kollmeyer is an editor for MarketWatch in Madrid. Follow her on Twitter @MWBarbaraKollmeyer.

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