Market Hustle: Stock Futures Pare Losses After Housing Market Data
NEW YORK (TheStreet) -- Stock futures were paring losses after some upbeat housing market reports.
- Dow Jones Industrial Average futures were down 6 points, or 3.14 points below fair value, to 16,180. S&P 500 futures were down 1 point, or 0.16 points below fair value, to 1,845. Nasdaq futures were up 0.5 points, or 3.79 points above fair value, to 3,688.5.
- The Case-Shiller 20-city Index dipped 0.1% month-on-month in December but gained a solid 13.4% year-over-year.
- The FHFA Housing Price Index indicated a 0.8% increase in December and 1.2% rise in the fourth quarter, marking the 10th consecutive quarterly price increase in the seasonally adjusted index.
- Consumer confidence numbers for February will be out at 10 a.m. EST. The sentiment reading is expected to weaken a bit to 80 from a stronger-than-expected 80.7 level in January.
- The S&P 500 hit a fresh record Monday as expectations of a European Union aid package to the Ukraine boosted European markets, while domestic M&A activity continued.
- International markets were largely weaker despite the sharp gains in the U.S. market as the People's Bank of China drained liquidity through the sale of RMB100 billion ($16.4 billion) of 14-day repurchase agreements, and mining stocks declined amid softer metal prices. The FTSE 100 in the U.K. was down 0.94%, the DAX in Germany was off 0.51%, the Nikkei 225 in Japan settled up 1.44%, the Hong Kong Hang Seng fell 0.32%, and the Shanghai Composite slid 2.05%.
- Home Depot (HD) was rising 2.59% to $79.89 after its quarterly earnings per share of 73 cents topped Wall Street estimates of 71 cents. The company announced smaller-than-expected fourth-quarter sales due to the effect of bad weather.
- Tenet Healthcare (THC)was shedding 1.2% to $47.75 after reporting a fourth-quarter loss as results were weighed down by expenses tied to the buyout of Vanguard Health Systems.
- JPMorgan Chase (JPM)was down marginally as the company revealed in an investor presentation that it may cut 8,000 jobs at its consumer and mortgage banking divisions as home loan demand continues to weaken; that's in addition to the 13,000 to 15,000 jobs that are already in the process of being eliminated.
- Domino's Pizza (DPZ) was tacking on 1.75% to $76 after hiking its quarterly dividend by 5 cents to 25 cents a share and reporting quarterly results that topped expectations.
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