Stock Futures Slip Ahead of Data, Bernanke
NEW YORK (TheStreet) -- U.S. stock futures were down slightly Wednesday as investors paused ahead of a speech later this week from Federal Reserve Chairman Ben Bernanke and ahead of fresh economic data, including the latest read on second-quarter GDP.
Futures for the Dow Jones Industrial Average were falling 7 points, or 0.05%, to 13,079. Futures for the S&P 500 were down 1 point, or 0.07%, to 1406.80. Futures for the Nasdaq 100 were down 2 points, or 0.07%, at 2778.75
U.S. stocks finished mixed Tuesday as investors mostly stood pat ahead of Bernanke's speech at the Jackson Hole, Wyo., global economic symposium this weekend.
The economic calendar Wednesday includes the second estimate of second-quarter gross domestic product at 8:30 a.m. EDT, pending home sales for July at 10 a.m., and the Fed's beige book report on economic conditions at 2 p.m.European stocks were moving lower. Britain's FTSE 100 was down 0.4%, while Germany's DAX declined 0.4%. Asian shares ended Wednesday's trading session mixed. Japan's Nikkei 225 index rose 0.4% to close at 9,069.81, while Hong Kong's Hang Seng Index fell 0.1%. Cho Byung-hyun, an analyst at Tong Yang Securities in Seoul, said investors and traders are fixated on Bernanke's speech. Investors will watch carefully for clues about the central bank's intentions to try to speed up the U.S. economic recovery. "Investor expectations are mixed about the Friday speech. There are hopes for another round of stimulus by the Fed and also uncertainty that they may not do it," said Cho. October crude oil futures were falling 81 cents to $95.52 a barrel and December gold futures were slipping $1.90 to $1,667,80 an ounce. The benchmark 10-year Treasury was trading at 1.63%. The greenback was up 0.07%, according to the dollar index. In corporate news, H.J. Heinz (HNZ), the ketchup giant, is expected by analysts Wednesday to post fiscal first-quarter profit of 80 cents a share, up from 78 cents a year earlier. Pandora Media (P) is scheduled to report its fiscal second-quarter results after Wednesday's closing bell and analysts calls for a loss of 3 cents a share in the July-ended period on revenue of $100.9 million. WellPoint (WLP) President and CEO Angela Braly resigned Tuesday amid investor frustration with the stock performance of the second-largest health insurer in the U.S. Braly took over as president and CEO in 2007.
2012 Stock Predictions and Outlook
|Your one-stop shop for 2012 stock recommendations and market predictions.
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 Plus 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