Futures Lower; July Income, Spending Up
NEW YORK (TheStreet) -- Stock futures were pointing to a slightly lower open Monday after personal incomes and spending rose largely as expected in July and Japan's central bank opted to help bolster the economy by easing monetary policy in an emergency board meeting.
Futures for the Dow Jones Industrial Average were down by 31 points at 10,110 and were 26 points below fair value. Futures for the S&P 500 were lower by 3 points at 1061 and were 2 points below fair value, and Nasdaq futures were lower by 2 points and were 2 points below fair value.
Stocks rallied Friday after the downward revision to second-quarter economic growth wasn't as steep as feared and after Federal Reserve Chairman Ben Bernanke said the Fed is prepared to take action in support of economic growth if necessary.Feeling the pressure of its struggling economy and strong yen, Japan's central bank unveiled a new loan program that, combined with previous operations, now gives financial institutions access to a total of 30 trillion yen ($355 billion). Personal income rose 0.2% in July as expected, according to Briefing.com. while personal spending increased 0.4%, slightly outpacing the 0.3% growth that economists had been expecting. July's figures compare with flat incomes and spending in June.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV