This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stock Futures Fall Ahead of Fed Minutes

NEW YORK ( TheStreet) -- Stock futures were pointing to a lower open ahead of the release of the minutes from the Federal Open Market Committee's last policy-setting meeting.

Futures for the Dow Jones Industrial Average were lower by 27 points, or 17 points below fair value, at 10,936. Futures for the S&P 500 were down by 3 points, or 3 points below fair value, at 1159, while Nasdaq futures were off by 5 points, or 4 points below fair value.

Stocks finished Monday's session mildly higher during a sluggish trading session as investors largely remained on the sidelines ahead of the FOMC meeting minutes release and key earnings reports due out later in the week.

Overseas, Hong Kong's Hang Seng fell 0.4%, and Japan's Nikkei fell 2.1% after China reportedly increased reserve requirements for six banks to damp lending and contain inflation. The FTSE in London was falling 0.4%, and the DAX in Frankfurt was down by 0.05%.

Kansas City Federal Reserve Bank President Thomas Hoenig is scheduled to discuss the economic outlook and monetary policy on Tuesday morning at the National Association for Business Economics annual meeting in Denver.

At 2 p.m. ET, the Federal Reserve's policy-setting arm will release the minutes from its Sept. 21 meeting. Investors will be eager to see what FOMC members said about quantitative easing and the recovery.
Federal Reserve Chairman Ben Bernanke

After the closing bell, Intel (INTC - Get Report) will report third-quarter earnings. Analysts are anticipating a profit of 50 cents a share, according to

Pfizer is acquiring King Pharmaceuticals (KG) for $3.6 billion in cash, sending King's stock up 39.2%, to $14.13 in premarket trading. Shares of Pfizer, meanwhile, were up by 0.4%, to $17.38.

Entergy (ETR - Get Report) said it's cooperating with the U.S. Department of Justice in a civil investigation of competitive issues regarding certain practices and policies of its utility companies. The stock was rising 0.2% to $77.31 in early trading.

Shares of Google were ticking 0.1% higher to $539.50 ahead of Tuesday's bell. The company signed an agreement to invest in the development of a backbone transmission project off the Mid-Atlantic coast to accelerate offshore wind development.

Buyout firm KKR (KKR) partnered with the Korean national pension system to buy a minority stake in Colonial Pipeline, a Chevron (CVX - Get Report). The deal is valued at close to $1 billion.

Johnson Controls (JCI - Get Report) expects fiscal 2011 earnings of $2.30 to $2.45 a share on sales of $37 billion, compared with the profit of $2.37 a share and sales of $36.27 billion that analysts had been projecting.

In commodity markets, crude oil for November delivery was shedding 14 cents to trade at $82.07 a barrel, and the December gold contract was losing $1.70 to $1,352.70 an ounce.

Meanwhile, the dollar was trading higher against a basket of currencies, with the dollar index up by 0.2%, and the benchmark 10-year Treasury note strengthened 6/32, weakening the yield to 2.374%.

--Written by Melinda Peer in New York.
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
CVX $101.21 0.62%
ETR $76.83 -0.21%
GOOG $699.90 0.60%
INTC $29.86 0.05%
JCI $40.59 -0.02%


Chart of I:DJI
DOW 17,644.35 -6.91 -0.04%
S&P 500 2,046.63 -4.49 -0.22%
NASDAQ 4,711.8380 -13.8010 -0.29%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs