Stock Futures Unmoved as Investors Wait on Vehicles, Factory Data
NEW YORK ( TheStreet) -- Stock futures were starting Tuesday mixed after an iffy session a day earlier. While the Dow Jones Industrial Average made the biggest gains Monday, the Nasdaq slipped and the S&P 500 all but flat-lined following an accounting error in ISM manufacturing data for May, a litmus test for broad economic health.
Following a similar pattern to the day before, U.S. stock futures were finding little impetus to make big moves. The Dow gained 0.14% to 16,727, while the S&P 500 tiptoed 0.04% higher to 1,922.25. The Nasdaq slipped 0.21% to 3,727.75.
Markets could be adopting a wait-and-see approach with both motor vehicle sales and factory orders figures due out shortly after market open. Economists anticipate domestic vehicle sales to climbing to 16.1 million, up from 12.8 million a month earlier, while factory orders are expected to slow to 0.5% from 1.1%.
To the north, European markets slipped and the euro strengthened on the latest consumer price index data which slowed to 0.5% in May, sparking concerns of deflation. The deceleration also gives the European Central Bank room to engage in monetary easing and to edge inflation higher to a target 2% when its meets on Thursday.In individual stock movements, Hillshire Brands (HSH) is rallying yet again as the tug-of-war over it continues. The food processor is up 7.8% after Pilgrim's Pride (PPC) upped its bid to $55 a share, or $7.7 billion, from $45 a share, or $6.4 billion, offered a week earlier. Meanwhile, surf and skate clothing company Quiksilver (ZQK) is being mercilessly pummeled, tanking 37.3%, after reporting quarterly net losses widening to 15 cents a share. Analysts' estimates were for losses of 2 cents a share. Revenue tumbled 10.4% to $408 million. Krispy Kreme (KKD) is having a similarly rough time Tuesday, down 11.8%, as management lowered full-year EPS guidance to 69 cents to 74 cents a share, below estimates of 76 cents a share. Keep an eye on FuelCell (FCEL), Mattress Firm Holding (MFRM), and Rentrak (RENT) with the three scheduled to release earnings after the bell. -- Written by Keris Alison Lahiff in New York. >>Read More: At the Hands of Apple, Android is as Good as Dead >>Read More: Broadcom's a Buy Now >>Read More: Only 10 States Have 'Stable' Housing Markets
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