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 Point to Upbeat June Start

NEW YORK ( TheStreet) -- Stock futures were pointing to an upbeat start to June as investors looked for signs into monetary policy ahead of a spate of economic reports this week including jobs and manufacturing. The S&P 500 posted a seventh-straight monthly gain in May.

Futures for the S&P 500 were rising 6 points, or 5.96 points above fair value, to 1,635.

Colonial Properties Trust (CLP) was popping more than 8% to $23.90 in premarketing trading, while Mid-America Apartment Communities (MAA - Get Report) was unchanged, as the two real estate investment trusts merge in an $8.6 billion stock swap agreement, creating a company with a combined market capitalization of about $5.1 billion.

Cracker Barrel (CBRL - Get Report) was advancing nearly 4% to $93.01 after the restaurant chain hiked its full-year outlook and quarterly dividend after booking quarterly earnings that exceeded consensus expectations by eights cents at $1.02 a share. Revenue also topped expectations.

Rio Tinto (RIO) was rising 2.83% to $43.93 after the Wall Street Journal reported that the mining giant's Canadian iron ore operations have been attracting bidders, possibly Glencore Xstrata and Blackstone Group. Rio Tinto has about a $4 billion stake in the Canadian operations.

Futures for the Dow Jones Industrial Average were up 79 points, or 77.43 points above fair value, to 15,179. Futures for the Nasdaq were higher by 10.25 points, or 10.09 points above fair value, to 2,990.5.

Automakers such as Ford (F) and General Motors (GM) are scheduled to report sales for May on Monday.

Forecasters anticipate that the overall sales gain for the month will be in the high single digits, with Kelley Blue Book at 6%, J.D. Power at 8% and Jefferies at 9%. Jefferies analyst Peter Nesvold projected that Ford and Chrysler sales will rise about 10% in May, while GM will gain 7%.

U.S. stocks dropped Friday as concerns the Federal Reserve would scale back its monetary stimulus measures outweighed data that revealed stronger-than-anticipated consumer sentiment. Still, the S&P 500 managed to book its seventh-consecutive monthly gain, climbing 2.1% in May.

One of the most highly anticipated reports this week is the May nonfarm payrolls report, which is expected to show an increase of 170,000 in May, up from 165,000 in April. The jobless rate is predicted to stay at 7.5%.

The Institute for Supply Management is expected by economists to report that the ISM manufacturing survey for May remained at 50.7 from the prior month. The report is due at 10 a.m. EDT on Monday.

At the same time, the Census Bureau is predicted to say that constructing spending rose by 0.8% in April after dipping by 1.7% in March.

Asian markets finished lower Monday amid uncertainties about the Federal Reserve's outlook on stimulus and as the HSBC/Markit Purchasing Managers' Index showed a decline to 49.2 in May, the lowest level since October 2012 and below April's final 50.4 estimate.

The Hong Kong Hang Seng closed down 0.49% while the Nikkei 225 in Japan finished off 3.72% on the heels of Friday's U.S. market declines.

European markets eased off intraday lows after Markit's eurozone manufacturing purchasing managers' index increased to 48.3 in May from April's 46.7. Still, levels remained below the 50 level dividing growth and contraction for the 22nd month. The FTSE 100 in London was slipping 0.29% while the DAX in Germany turned positive, rising 0.23%.

Light sweet crude oil for July delivery was up 9 cents to $92.06 a barrel. August gold futures were rising $3.60 to $1,396.60 an ounce.

The benchmark 10-year Treasury was down 2/32, raising the yield to 2.163%. The dollar was down 0.38% to $83.06 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
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
CBRL $146.41 0.00%
MAA $95.71 0.00%
RIO $33.66 0.00%
AAPL $93.74 0.00%
FB $117.58 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