Market Hustle: Futures Slip on Weak Jobs Report Ahead of Bank Earnings
NEW YORK (The Street) -- Major U.S. stock futures were pointing to a lackluster start Monday amid investor caution ahead of fourth-quarter bank earnings and uncertainties surrounding the pace of Federal Reserve tapering.
S&P 500 futures were falling 4.25 points, or 2.72 points below fair value, to 1,833.5, Dow Jones Industrial Average futures were slipping 17 points, or 4.05 points below fair value, to 16,364, and Nasdaq futures were dipping 7 points, or 3.68 points below fair value, to 3,554.5.
Markets closed mixed on Friday after a worse-than-expected December jobs report underlined the rocky nature of the economic recovery. The addition of 74,000 jobs missed expectations by a wide margin and was the worst monthly government job report in three years.
The December Treasury budget statement is to be released at 2 p.m. EST.
- Atlanta Fed Bank President Dennis Lockhart is scheduled to speak on the economic outlook in Atlanta at 12:40 p.m.
- December retail sales data will be out on Tuesday and December inflation reports are due on Tuesday and Wednesday.
- Fourth-quarter earnings reports in focus this week include banks such as JPMorgan Chase (JPM) and Wells Fargo (WFC) on Tuesday, Bank of America (BAC) on Wednesday, Goldman Sachs (GS) and Citigroup (C) on Thursday, and Morgan Stanley (MS) on Friday.
- Lululemon Athletica (LULU) was plunging 12.75% to $52 after slashing its current-quarter sales and earnings outlook.
- Wendy's (WEN) was surging 8.18% to $9.13 after reporting upbeat 2014 guidance and preliminary fourth-quarter earnings driven by same-store sales growth. The company also unveiled a $275 million share buyback program.
- Beam (BEAM) was soaring 26.18% to $84.50 after Suntory Holdings said it will buy Beam for $13.6 billion in cash.
- The benchmark Shanghai Composite index shed 0.19% to a five-month low of 2,009.56 after plans by China's securities regulator to tighten its supervision of initial public offerings did little to ease liquidity concerns.
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