By Barbara Kollmeyer, MarketWatch
Oil lower as investors wait for news on Iran nuke talks
NEW YORK (MarketWatch) -- U.S. stock futures pointed to a weak
opening on Wall Street Tuesday after two session of solid
gains.
Analysts said investors reassessed their investments ahead of
what's feared to be a disappointing stretch for corporate quarterly
results.
Futures for the Dow Jones Industrial Average (YMM5) pulled back
82 points, or 0.5%, to 17,780, while those for the S&P 500
(ESM5) fell 9.20 points, or 0.4%, to 2,066.40. Futures for the
Nasdaq-100 (NQM5) fell 15.75 points, or 0.4%, to 4,356.75.
"I think there is always some jostling for position before the
NFP [nonfarm payroll report]," said Wouter Sturkenboom, senior
investment strategist at Russell Investments in London, in emailed
comments.
Markets booked solid gains on Monday, which were spurred along
by dovish comments from China's central-bank chief and
corporate-deal news. Tuesday also marks the end of the first
quarter.
The S&P 500 (SPX) is set to end the first quarter up 1.3%,
which would mark its ninth-straight winning quarter. For the month
of March, the index is looking at a 0.9% loss. Among other
highlights, the Nasdaq Composite Index (RIXF) is set to log a 4.5%
gain in the quarter, the longest quarterly winning streak in its
history.
Need to Know: Don't be the 6-foot-tall man about to drown in
this market
(http://www.marketwatch.com/story/dont-be-the-6-foot-tall-man-about-to-drown-in-this-market-2015-03-31)
Analysts noted the dollar was waking up from its slumber. The
dollar (EURUSD) rose notably against the euro on Monday as
investors waited for U.S. economic reports later in the week. That
in turn was weighing on commodity prices.
"In general, U.S. equities are in a difficult position with too
many headwinds in place, preventing a sustainable rally from
developing," added Sturkenboom.
Home prices and lots of Fedspeak: Data for Tuesday includes
Case-Shiller home prices for February, due at 9 a.m. Eastern Time,
while the Chicago-area purchasing managers index for March is due
at 9:45 a.m. Eastern. At 10 a.m. Eastern, the report on consumer
confidence for March is scheduled.
Three Fed speakers are on tap. Two are voting members on the
Federal Open Market Committee: Richmond Fed Jeffrey Lacker he
expects solid growth and rising inflation this year
(http://www.marketwatch.com/story/feds-lacker-sees-strong-case-for-june-rate-hike-2015-03-31),
and as a result, would urge the U.S. central bank to start raising
interest rates relatively soon. Atlanta Fed President Dennis
Lockhart will give welcoming remarks at the Atlanta Fed conference
at 8:50 a.m. Eastern.
Cleveland Fed President Loretta Mester, a nonvoting member, will
moderate a panel on the future of banking at an Atlanta Fed
conference at 8:50 a.m. Eastern.
Stocks to watch: Shares of McDonald's Corp. (MCD) could draw
some attention after the fast-food giant said it would start
testing all-day breakfasts in San Diego in April
(http://www.marketwatch.com/story/mcdonalds-to-give-all-day-breakfast-a-try-2015-03-30).
IBM Corp. (IBM) said Tuesday it plans to invest $3 billion in a
new "Internet of Things" business that will help customers gather
and analyze data from sensor-equipped devices and smartphones.
CBRE Group Inc.(CBG) said it would buy Johnson Controls Inc.
(JCI) workplace solutions business in a deal worth $1.475
billion.
U.S. cable TV operator Cablevision Systems Corp.(CVC) is eyeing
a deal to buy the New York Daily News that would value the
newspaper at $1, Reuters reported, citing sources.
For more on notable movers, read Movers & Shakers column
(http://www.marketwatch.com/story/movado-saic-conns-earnings-in-focus-2015-03-31).
Other markets: European stocks retreated after data showed
eurozone unemployment was still above expectations at 11.3% in
February, after upward revisions to prior months. Reports
(http://www.marketwatch.com/story/greek-bailout-revision-talks-end-without-deal-report-2015-03-31)
that Greek bailout-revision talks ended without a deal also didn't
help sentiment for Europe stocks.
Asian stocks
(http://www.marketwatch.com/story/asian-stocks-end-mixed-after-previous-china-led-rally-2015-03-31)
closed on a mixed note, but the quarter produced double-digit wins
for the Nikkei 225 index and the Shanghai Composite Index .
Oil prices
(http://www.marketwatch.com/story/oil-prices-fall-as-iran-nuclear-talks-approach-deadline-2015-03-31)(CLK5)
fell as talks over Iran's nuclear talks
(http://www.marketwatch.com/story/iran-deal-put-at-risk-by-uncertainty-over-khamenei-2015-03-31)
neared a deadline and dollar strength weighed. Gold
(http://www.marketwatch.com/story/gold-weakens-for-third-straight-session-2015-03-31)(GCJ5)
pared losses and was little changed.
Read: Oil could fall below $30 a barrel, but here's why that is
a good thing
(http://www.marketwatch.com/story/oil-could-fall-below-30-a-barrel-but-heres-why-thats-a-good-thing-2015-03-30)
Subscribe to WSJ: http://online.wsj.com?mod=djnwires