Market Hustle: Stock Futures Slip as Earnings Season Unfolds
NEW YORK (TheStreet) -- U.S. stock futures were pointing to a lower open on Wall Street Monday, extending Friday's selloff.
Dow Jones Industrial Average futures were down 50 points, or 27.71 points below fair value, to 16,306, S&P 500 futures were down by 7.25 points, or 5.14 points below fair value, to 1,852.75, and Nasdaq futures were down 27.7 points, or 21.08 points below fair value, to 3,509.8.
- The U.S. economic calendar was light on Monday, with February consumer credit numbers scheduled for 3 p.m. EDT. St Louis Federal Reserve Bank President James Bullard expected to give a speech on monetary policy and the economic outlook in Los Angeles at 11:45 a.m.
- Other events scheduled for this week include the Federal Open Market Committee minutes for the March 19 policy meeting on Wednesday, and the March producer price index report on Friday.
- First-quarter earnings season is kicking off this week, with financial giants JPMorgan Chase (JPM) and Wells Fargo (WFC) reporting on Friday. Alcoa (AA) leads the kickoff, publishing results after the market close on Tuesday.
- The weakness seen Monday follows a selloff on Friday that took place even after the monthly U.S. jobs report showed signs that the labor market was beginning to shake off the effects of the winter chill. The March job creation number came in at a slight miss, with an addition of 192,000 jobs. U.S. markets closed lower Friday and technology stocks tumbled as investors took profits after a week when the S&P 500 hit new records.
- "Friday's action is not ideal and suggests a near term pullback may be in the cards. Stepping back the bull market is aging -- turned 5 last month -- and it will likely get tricky as we move forward," noted Adam Sarhan, the founder and CEO of Sarhan Capital.
- Questcor Pharmaceuticals (QCOR) was surging more than 31% in premarket trading on the announcement that the company will be acquired by Mallinckrodt (MNK) for about $5.6 billion. Mallinckrodt was jumping more than 8%. Pandora Media (P - Get Report) was advancing 0.56% after being upgraded to "outperform" from "neutral" at Wedbush.
-- By Andrea Tse in New York
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