Stock Futures Point to Further Gains; Apple Rises
NEW YORK (TheStreet) -- Stock futures were pointing higher Monday following as an upward revision to Japan's gross domestic product figure bolstered the outlook for the global economic recovery.
Futures for the S&P 500 were rising 6.25 points, or 2.37 points above fair value, to 1,644.75. Futures for the Dow Jones Industrial Average were gaining 50 points, or 18.88 points above fair value, to 15,258. Futures for the Nasdaq were ahead by 9.5 points, or 0.08 points above fair value, to 2,990.
Economic reports on tap for this week include U.S. retail sales for May on Thursday, and June consumer sentiment numbers on Friday.
Apple (AAPL) holds its Worldwide Developers Conference beginning Monday in San Francisco. Though the tech giant hasn't said what it will unveil at the conference, reports said the maker of the iPhone and iPad could reveal a digital radio service and changes to the software behind its smartphone and tablets. Shares were edging up to $443.52 in premarket trading.U.S. stocks gained Friday after a mixed labor market report strengthened prospects that the Federal Reserve will maintain its bond-buying stimulus program. Tesla (TSLA) shares were slumping 3.28% to $98.69 after Barron's said that shares of the electric vehicle maker could decline by over 50% if the company isn't able to find more powerful, yet cheaper batteries to reduce its vehicle price of $90,000 or more by half. Though investors have become more comfortable with the prospects for Fannie Mae (FNMA) and Freddie Mac (FMCC), KBW analyst Bose George still says that when all is said and done, common and junior preferred shareholders will get nothing. "While both companies could have significant value, we continue to believe that residual value, if any, will go to the government and not to private shareholders," George wrote in a report on Sunday. KBW has "underperform" ratings for both Fannie Mae and Freddie Mac, with price targets of zero, underlining the firm's negative view of prospects for private shareholders. St Louis Federal Reserve Bank President James Bullard is scheduled at 11 a.m. EDT to speak about the global outlook in Montreal. The Nikkei 225 in Japan closed up 4.71% after the country revised its first-quarter gross domestic product higher. The Japanese economy grew by an annualized 4.1% versus the original estimate of 3.5%, according to the country's Cabinet Office. Hong Kong's Hang Seng index finished down 1.02% after a weaker-than-expected Chinese trade report. The DAX in Germany was rising 0.75% and the FTSE in the U.K. 100 was up 0.99%. The benchmark 10-year Treasury was falling 5/32, raising the yield to 2.194%. The dollar was up 0.37% to $81.96 according to the U.S. dollar index. August gold futures were falling $4.70 to $1,378.30 an ounce. July light sweet crude oil futures were off 38 cents to $95.65 a barrel. No major U.S. economic releases were expected Monday. Follow @atwtse Written by Andrea Tse in New York >To contact the writer of this article, click here: Andrea Tse.
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