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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Stock Futures Pare Losses After Import Prices Fall

NEW YORK ( TheStreet) -- Stock futures were trading sideways Tuesday as investors balanced a subdued inflation report against some weak economic numbers overseas and Federal Reserve Bank of Philadelphia president Charles Plosser's remarks on reducing the central bank's bond buying.

Futures for the S&P 500 were up 1.5 points, or 1.78 points above fair value, to 1,632.25.

The Bureau of Labor Statistics said early Tuesday that U.S. import prices fell 0.5% in April, as expected by economists, following a 0.2% decrease in March. Lower prices for both fuel and nonfuel imports contributed to the declines each month. Prices for U.S. exports decreased by a more-than-expected 0.7% in April after a 0.5% decline in March. Economists were expecting a fall of 0.5%.

The Mannheim-based ZEW Center for European Economic Research reported Tuesday that its index on German investor sentiment rose to 36.4 in May from 36.3 in April, missing the average economist forecast of 38.3, according to a Thomson Reuters poll.

Plosser, earlier speaking at the Center for Business and Policy Studies in Stockholm, Sweden, said that the Fed should scale back its bond-buying.

"I believe that labor market conditions warrant scaling back the pace of purchases as soon as our next meeting," said Plosser in prepared remarks. "Moreover, unless we see a significant reversal in current trends that jeopardizes my forecast of near 7% unemployment rate by the end of this year, then I anticipate that we could end the program before year-end."

Sony (SNE ) was jumping 7.73% to $20.35 after saying Tuesday that its entertainment businesses aren't for sale following a proposal from activist investor Daniel Loeb and his hedge fund Third Point that the Japanese electronics giant spin off its entertainment arm.

Take-Two Interactive Software (TTWO ) was popping 6.64% to $17.48 in premarket trading Monday after the publisher of Grand Theft Auto posted fiscal fourth-quarter net income on Monday of $22.5 million, or 24 cents a share, a swing from a year-earlier loss of $66.8 million, or 79 cents a share, boosted by strong sales of BioShock Infinite.

The BlackBerry Live conference kicks off Tuesday in Orlando, Fla. BlackBerry (BBRY ) CEO Thorsten Heins's keynote address is expected to include an update on BlackBerry 10 sales volume and momentum, according to All Things D. Shares were rising more than 1% to $16.05 in premarket trading.

Morgan Stanley's (MS ) annual meeting is Tuesday in Purchase, N.Y., and Chairman and CEO James Gorman is expected to get grilled on the 19% share price decline since he joined the firm in January 2010. Shares were up nearly 1%.

Other reports weighing on sentiment Tuesday morning are Chinese media reports suggesting that the country is poised to reduce its official growth target to 7% from 7.5%.

Futures for the Dow Jones Industrial Average were up 1 point, or 5.32 points above fair value, to 15,058. Futures for the Nasdaq were down 0.5 points, or 1.91 points above fair value, to 2,980.5.

The FTSE 100 in the U.K. was up 0.13%, while the DAX in Germany was rising 0.36%. The Nikkei 225 in Japan closed off 0.16% and the Hong Kong Hang Seng index settled down 0.26%.

Gold for June delivery was falling $7.50 to $1,426.80 an ounce. June light sweet crude oil contracts were off 21 cents to $94.96 a barrel.

The benchmark 10-year Treasury was rising 5/32, diluting the yield to 1.909%. The dollar was flat at $83.28 according to the U.S. 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

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
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!
SYM TRADE IT LAST %CHG
BBRY $10.86 0.18%
SNE $28.05 0.57%
TTWO $25.05 0.00%
AAPL $126.99 -1.20%
FB $81.69 0.98%

Markets

DOW 18,147.95 +51.05 0.28%
S&P 500 2,101.34 +2.81 0.13%
NASDAQ 4,982.8960 +15.7550 0.32%

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