This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Stock Futures Dip After Housing Data

Stocks in this article: ^DJI ^GSPC ^IXIC BAC INTC YHOO CS


NEW YORK ( TheStreet) -- U.S. stock futures were under a bit of pressure Wednesday as the markets awaited the Federal Reserve's Beige Book survey of economic conditions and after a batch of mixed housing markets data.

Futures for the Dow Jones Industrial Average were sliding 29 points, or 32.54 points below fair value, at 12,708. Futures for the S&P 500 were slipping 4.1 points, or 4.17 points below fair value, at 1354. Futures for the Nasdaq 100 were shedding 5.75 points, or 4.4 points below fair value, at 2581.

Stocks finished solidly higher Tuesday as above-consensus earnings reports helped investors move past the latest evidence that more monetary stimulus is unlikely from the Fed this summer, in the wake of Chairman Ben Bernanke's downbeat appearance before Congress.

Housing data and anecdotal evidence on economic conditions across the Fed districts are included in the U.S. economic calendar Wednesday.

The Department of Commerce reported that housing starts rose 6.9% in June to a seasonally adjusted annual rate of 760,000, from May's upwardly revised 711,000. Economists surveyed by Thomson Reuters expected a June pace of 745,000.

Building permits fell 3.7% to a seasonally adjusted annual rate of 755,000 from the upwardly revised May rate of 784,000. Economists, on average, expected a rate of 765,000 for June.

At 2 p.m., the Fed's beige book survey of business conditions in 12 districts will be released. The report arrives two weeks before the Federal Open Market Committee convenes for its next monetary policy meeting.

Meanwhile, Bernanke heads into the second day of his semi-annual monetary policy testimony before the House Financial Services Committee at 10 a.m.

In corporate news, Bank of America (BAC - Get Report) reported second-quarter earnings of 19 cents a share. Revenue decreased 1% from the previous quarter to $22.2 billion.

Analysts were expecting earnings of 14 cents a share on revenue of $22.9 billion.

Intel (INTC - Get Report), the world's biggest semiconductor company, delivered an above-consensus profit for the second quarter but tempered revenue expectations for the full year.

Yahoo! (YHOO) posted quarterly earnings Tuesday that topped expectations, but revenue came in a bit light.

New CEO Marissa Mayer wasn't on the Internet company's earnings conference call.

Credit Suisse (CS), the Swiss bank, raised 8.7 billion Swiss francs ($8.9 billion) to bolster its capital base.

The bank also said second-quarter net profit rose 2.6% to 788 million francs from 768 million francs a year earlier.

Both the FTSE in London and the DAX in Germany were trading sideways. Hong Kong's Hang Seng index finished down 1.11% and the Nikkei in Japan closed down 0.32%.

August crude oil futures were falling 45 cents to $88.77. August gold futures were off $11.10 to $1,578.40 an ounce.

The benchmark 10-year Treasury was up 7/32, lowering the yield to 1.485%, while the greenback was increasing by 0.29%, according to the dollar index.


-- Written by Andrea Tse in New York.



>To contact the writer of this article, click here: Andrea Tse.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs