By Barbara Kollmeyer, MarketWatch
Case-Shiller home prices, Home Depot earnings ahead
MADRID (MarketWatch) -- Investors were sticking to the sidelines
ahead of the first day of testimony by Federal Reserve Chairwoman
Janet Yellen to Congress on Tuesday , with some wary she may strike
a hawkish tone on the timing of the next interest-rate hike.
Also ahead, Case-Shiller home prices and a consumer confidence
index are due for release, as are a handful of earnings
reports.
Futures for the Dow Jones Industrial Average (DJH5) were largely
flat at 18,087, while those for the S&P 500 index (SPH5) were
flat at 2,106.50. Futures for the Nasdaq-100 index (NDH5) traded
slightly higher at 4,445.
The Dow industrials(DJI) and S&P 500 (SPX) finished Monday
on a lackluster note as falling energy stocks weighed. But the
Nasdaq Composite (RIXF) stood out by marking a ninth straight
session of gains -- though with just a 0.1% rise. It was lifted by
heavyweight Apple Inc. (AAPL), which rose 2.7%.
Fed Chairwoman Yellen could call the shots for the market on
Tuesday, as she addresses the Senate Banking Committee. Her
testimony is scheduled to begin around 10 a.m. Eastern Time.
(http://www.marketwatch.com/story/janet-yellen-could-strike-hawkish-tone-before-congress-2015-02-23)
Need to Know: Janet Yellen is about to swoop in on this tranquil
stock market
(http://www.marketwatch.com/story/janet-yellen-is-about-to-swoop-in-on-this-tranquil-stock-market-2015-02-24)
"We expect she will want to preserve policy flexibility, keeping
the prospect of a midyear rate hike on the table; this may impart a
mildly hawkish tone, especially in light of the recent minutes
release," said analysts at Credit Suisse in a note.
Some say she could surprise investors by keeping alive the
possibility of a June rate hike, even though the minutes of the
most recent Federal Reserve meeting showed a dovish tone. In the
time since that meeting, the markets got a strong January jobs
report.
Read: Janet Yellen could strike a hawkish tone before Congress
(http://www.marketwatch.com/story/janet-yellen-could-strike-hawkish-tone-before-congress-2015-02-23)
Ahead of Yellen, the Case-Shiller home price index for January
will be released at 8:30 a.m. Eastern Time. Then at 10 a.m.
Eastern, the consumer-confidence index for February is scheduled
for release.
Stocks to watch: Toll Brothers Inc.(TOL) reported
better-than-expected profit and sales ahead of the open.
Also due to report: Home Depot Inc. (HD)(HD), Comcast
Corp.(CMCSA), Macy's Inc.(M), Office Depot Inc.(ODP) and
Hewlett-Packard Co.(HPQ).
Shares of First Solar Inc.(FSLR) and SunPower Corp.(SPWR) could
get another bump. Each notched double-digit gains in late trade
after those companies said Monday they plan an initial public
offering for a pooled-asset spinoff
(http://www.marketwatch.com/story/dish-dillards-express-scripts-earnings-in-focus-2015-02-23).
Other markets: European stocks were flat, while the Athens
Composite Index surged 6%, after initial comments on Greece's
reform proposal from European officials pointed to the approval of
a four-month bailout extension
(http://www.marketwatch.com/story/greek-stocks-bonds-rally-on-bailout-deal-optimism-2015-02-24).
European Central Bank President Mario Draghi will unveil the
EUR20 banknote in Frankfurt on Tuesday, and give a speech at the
same time
(http://www.marketwatch.com/story/what-time-does-draghi-speak-on-tuesday-2015-02-24).
In Asia, the Nikkei 225 index nabbed a fresh 15-year high
(http://www.marketwatch.com/story/japan-stocks-at-fresh-15-year-high-ahead-of-yellen-testimony-2015-02-24).
The dollar was firmer against the yen (USDJPY) and euro (EURUSD)
.
Crude-oil prices
(http://www.marketwatch.com/story/oil-prices-continue-to-fall-pushing-brent-under-60-a-barrel-2015-02-24)(CLJ5)
remained under pressure, along with gold
(http://www.marketwatch.com/story/gold-faces-three-straight-down-days-ahead-of-janet-yellens-testimony-2015-02-24)(GCJ5).
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