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 Soften After Durable Goods Report

NEW YORK ( TheStreet) -- Stock futures took a mild hit Friday after the Census Bureau's report of a decrease in durable goods orders excluding the transportation component added to investors' caution amid meetings of several European leaders this week.

Futures for the Dow Jones Industrial Average were off 7 points, or 2.46 points below fair value, at 13,032. Futures for the S&P 500 were down 1.79 points, or 1.62 points below fair value, at 1398. Futures for the Nasdaq 100 were down 1.5 points, or 1.12 points below fair value at 2759.

The Census Bureau said that durable goods orders rose 4.2% in July, the third consecutive monthly increase. But excluding transportation, new orders decreased 0.4%. Economists on average thought that durable goods in July would increase 2.4% and that the core figure would rise 0.5%.

"The bottom line is that the headline gain is all transport/aircraft driven, but [the] details are miserable," said David Ader, a strategist at CRT Capital Group.

Overseas, Greek Prime Minister Antonis Samaras was meeting with German Chancellor Angela Merkel in Berlin Friday, and was expected to meet with French President Francois Hollande in Paris Saturday, as Athens sought an extension of its bailout terms.

Meanwhile, in the days ahead of the meetings, Eurozone leaders have asserted that the decision on providing fresh aid to Greece won't take place until international lenders have completed their review of the country's progress in reaching financial targets.

"The Greek PM and the German Chancellor meet to swap holiday photos," commented Paul Donovan, global economist at UBS. "After her cozy chat with French President Hollande yesterday, Merkel reiterated the importance of the Troika report on Greece. This seems to be becoming a fig leaf to cover up any embarrassment over changing the bailout duration."

The FTSE in London was off 0.09% and the DAX in Germany was lower by 0.20%.

The Hong Kong Hang Seng index closed off by 1.25% and the Nikkei in Japan finished behind by 1.17%.

Stocks fell Thursday after a Federal Reserve official cast doubt on the possibility of further central bank accommodation, while a jobs report showed unexpected deterioration.

Federal Reserve Bank of St. Louis President James Bullard said during an interview with CNBC that the Federal Open Market Committee minutes released Wednesday were "a bit stale ... we have some data since then that is stronger.

October crude oil futures were down 42 cents at $95.85 a barrel and December gold futures were shedding $3.20 at $1,669.60 an ounce.

The benchmark 10-year Treasury was up 6/32, diluting the yield to 1.657%. The greenback up 0.21%, according to the dollar index.

In corporate news, Autodesk (ADSK - Get Report), the San Rafael, Calif.-based design-software maker, reported disappointing quarterly results for the first time in almost two years. The company plans to reduce its headcount as global economic uncertainties weigh on its business.

Citigroup upgraded Federated Investors (FII - Get Report) to buy following news on Thursday that the Securities and Exchange Commission doesn't plan to move forward with plans for increased regulation with regard to money markets.

A unit of QEP Resources (QEP), the Denver, Colorado-based oil and natural gas exploration company, has reached an agreement to purchase crude oil properties in North Dakota from a number of sellers for roughly $1.38 billion in cash in order to expand its presence in the Williston Basin. (CRM), the San Francisco-based enterprise cloud computing company, provide disappointing third-quarter earnings guidance.

--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

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
ADSK $59.82 0.00%
FII $31.60 0.00%
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs