U.S. Stock Futures Inch Lower
August 17 2015 - 9:10AM
Dow Jones News
U.S. stock futures slipped on Monday, signaling a modestly lower
open, as shares looked set to give back some of last week's
gains.
Futures on the S&P 500 index fell three points, or 0.1%, to
2087. E-mini Dow futures contracts were down 0.2%, while the e-mini
contract on the Nasdaq 100 lost 0.1%.
Monday marks the latest sideways move for stocks, which have
stuck to a narrow range this summer as investors grapple with
lackluster second-quarter earnings, upheaval in Chinese markets and
turmoil over Greek finances. The S&P 500 index is down 0.6%
through Friday in August.
"The end of August I think will be quiet now that these China
things have kind of settled down," said Michael Antonelli, equity
sales trader at Robert W. Baird. "We're still stuck in the middle
of this range."
The coming week will be relatively light on both economic data
and corporate earnings. Monday brings a report on August
manufacturing activity in New York, as well as data on the housing
market from the National Association of Home Builders.
With the bulk of second-quarter earnings reports in the rearview
mirror, companies in the S&P 500 are on track to report a
quarterly decline in profits of 0.8%, according to FactSet, with
465 companies reporting.
Shares of Esté e Lauder Cos. fell 2.2% in premarket trading
after the makeup and fragrance company reported a fiscal
fourth-quarter profit that beat expectations but gave a downbeat
outlook.
Tesla Motors Inc. shares added 6% premarket after analysts at
Morgan Stanley sharply raised their price target on the stock to
$465 from $280. Shares closed at $243.15 on Friday.
In Europe, stock markets were mixed. The Stoxx Europe 600 index
was nearly flat, while Germany's DAX fell 0.3%. France's CAC 40
index gained 0.1%.
Investors in Europe also drew comfort from progress on a new
bailout for Greece, after €86 billion (around $96 billion) in loans
to Athens were cleared by the eurozone on Friday after markets
closed. The main Athens stock index was 0.6% higher.
Chinese stock markets were higher, with the Shanghai Composite
gaining 0.7% as government funds continued to stabilize the market.
Hong Kong's Hang Seng fell 0.7%. China eased fears that its
currency is headed for a protracted decline by setting the yuan on
Monday near Friday's close.
In commodities markets, oil futures fell 1.6% to $41.83 a
barrel. Gold added 0.3% to $1115.90 per ounce.
The yield on the U.S. 10-year Treasury eased slightly to 2.185%
as prices rose.
Write to Dan Strumpf at daniel.strumpf@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 17, 2015 08:55 ET (12:55 GMT)
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