Futures to Open Mixed After Record High
NEW YORK (TheStreet) -- U.S. stock futures were mixed on Monday ahead of economic data that should offer investors as indication of the health of U.S. manufacturing.
Futures for the S&P 500 were slipping by less than a point, or 0.02%, to 1562.50.
The Institute for Supply Management is expected to report at 10 a.m. EDT that its manufacturing survey for March reached 54, according to a consensus among economists. Any number higher than 50 suggests that the sector is growing whereas a number lower than the threshold reflects contraction.
Last month's report showed a 1.1 point increase to 54.2.Also due out at 10 a.m. is a gauge on construction spending. Spending fell 2.1% in January, but economists are expecting spending to gain 1.1% in February. The report gives investors an idea of the cost of new construction on non-residential, residential and public building. Futures for the Dow Jones Industrial Average were adding 5 points, or 0.03%, at 14,502. Nasdaq futures were increasing 3.5 points, or 0.12% to 2814.50. Markets were closed on Friday in observance of Good Friday. The S&P on Thursday reached an all-time high, trumping its former record reached on Oct. 9, 2007. Investors shrugged-off concerns that Cyprus's financial problems would exacerbate Europe's wider banking debt crisis. The new high for the U.S. benchmark came five years after a mortgage-backed security crisis sent the world's largest economy into its worst recession in more than 70 years. Asian markets closed lower overnight as Chinese manufacturing PMI printed slightly below economists' expectations, but still maintained a trajectory of growth. Japan's Nikkei average closed down by 2.12% overnight at 12,135. Hong Kong's Hang Seng slid 0.74% to 22,300. European markets on Monday are closed. Futures for May crude oil contracts at the New York Mercantile Exchange were shedding 68 cents to $96.55 a barrel. The benchmark 10-year Treasury was declining 4/32, boosting the yield to 1.868%. The dollar was gaining 0.12%, according to the U.S. dollar index. In corporate news, Analog Devices (ADI) said CEO Jerald Fishman, 67, died of an apparent heart attack on Thursday. The chipmaker announced that it had appointed President Vincent Roche as interim chief.
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