NEW YORK ( TheStreet) --- Stock futures were pointing to a lower open on Wall Street, signaling that the S&P 500 would slip for a second day as Treasury yields spiked and the Bank of Japan stopped short of increasing its stimulus program, disappointing investors eager for more action to stabilize global bond markets.
"A minority of investors had positioned in advance for an expansion of the
Futures for the S&P 500 were falling 15.75 points, or 15.66 points below fair value, to 1,626.25.
Brian Amidei, managing director and partner at HighTower Palm Desert in southern California said he market volatility will finally start to pick up in June as investors continue to receive conflicting economic data reported over the next few weeks." When you look at all of the data collectively it does not tell you anything significant about the direction of the economy or the Fed," he explained. " The good news, in our opinion, is that with slower than expected economic growth that will be good for the equity markets for a number of obvious reasons. The Fed will certainly need to change its stance on monetary policy but we just do not see that as happening until years end." Lululemon athletica (LULU - Get Report) announced Monday that CEO Christine Day was stepping down despite earnings from the yoga-apparel maker beating analysts' estimates. Shares were plunging 14.39% to $70.50. Day's departure follows the company's move earlier this month to restock shelves with its black luon yoga pants after it was forced to pull the popular pants in March following complaints they were too sheer. Texas Instruments (TXN - Get Report) narrowed its outlook for second-quarter net income and revenue. Shares were falling 1.69% to $36. The chipmaker said Monday it now expects to earn between 39 and 43 cents a share in the second quarter ending June 30 on revenue of $2.99 billion to $3.11 billion. Texas Instruments forecast in April net income of 37 to 45 cents a share and revenue of $2.93 billion to $3.17 billion. Facebook (FB - Get Report) is scheduled to hold its first stockholders' meeting on Tuesday in San Francisco beginning at 2 p.m. EDT. Shares were off 1.19% to $24.04. Shares of the social networking giant got a boost Monday after analysts gave the company a ratings lift. Futures for the Dow Jones Industrial Average were declining 122 points, or 124.59 points below fair value, to 15,106. Futures for the Nasdaq were slumping 28.25 points, or 30.79 points below fair value, to 2,958.75. The Bank of Japan stood pat on its current monetary policy, saying it would continue to purchase assets that would expand Japan's monetary base at an annual pace of about 60 trillion yen ($612 billion) to 70 trillion yen in efforts to reach its 2% inflation target. Dole Food (DOLE) was surging 24.02% to $12.66 after Chairman and CEO David Murdock offered to buy the 60% of Dole that he doesn't already own for $12 a share, which is 18% above Monday's close. Japan's Softbank raised its offer for Sprint (S) by $1.5 billion to $21.6 billion. Shares of Sprint were rising 3.06% to $7.40. Softbank also significantly increased the cash it will pay to Sprint's current investors. SoftBank will now buy Sprint shares for $7.65 a share by upping its stake in the No. 3 telco to 78% and increasing the cash component of the merger by $4.5 billion. The revised deal now also carries the backing of hedge fund Paulson & Co., Sprint's second largest shareholder. The Census Bureau at 10 a.m. EDT is expected to report that wholesale inventories increased 0.2% in April after rising 0.4% in March. On Tuesday, Germany's constitutional court starts its two-day hearing on whether the European Central Bank's bond-buying program is legal. The Nikkei 225 in Japan closed down 1.45% while the Hong Kong Hang Seng settled off 1.2%. The UK FTSE 100 was falling 1.66%, while the DAX is Germany was slipping 1.69%. The benchmark 10-year Treasury was sliding 14/32, raising the yield to 2.267%. The dollar was down 0.25% to $81.44 according to the