This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stock Futures Slump as S&P Eyes Weekly Loss

NEW YORK (TheStreet) -- U.S. stock futures were in a slump Friday, extending Thursday's losses and heading for weekly declines. The markets were bracing for a U.S. consumer sentiment report and earlier-than-expected interest rate hikes.

Dow Jones Industrial Average futures were falling 31 points, or 31.13 points below fair value, to 16,731. S&P 500 futures were giving up 5 points, or 5.62 points below fair value, to 1,943.75. Nasdaq futures were surrendering 6.5 points, or 6.91 points below fair value, to 3,811. U.S. markets closed in the red Thursday after St. Louis Federal Reserve President James Bullard told reporters in New York that the central bank should deliver its first federal funds rate hike at the end of the first quarter of 2015. Bullard has been among those pressing Fed Chair Janet Yellen and the central bank to move up the timeline for raising rates.

"I did consider the pros and cons of moving that [target]," Bullard said. "Some of the things I'm saying today sound pretty optimistic about the economy, but we also have this negative first quarter, which was a vexing issue, and when I weighed those two I said, 'Well, maybe I'll just leave it at the end of the first quarter.'"

European markets were relatively buoyant this morning, despite falls in Asia overnight. Economic indicators showed the U.K.'s strong recovery continued -- although analysts were slightly disappointed that the Office for National Statistics did not revise its annual growth prediction of 1.7% upwards, as forecast. Asia stocks took a hit on signs of slowing industrial profit growth out of China.

The final results on the Reuters/University of Michigan consumer sentiment index for June will be published at 9:55 a.m. EDT. A Bloomberg survey of economists shows that the gauge will arrive at 82, up from the preliminary dip to 81.2, from May's final reading of 81.9.

Economic reports in store for next week include The ISM manufacturing composite index on Tuesday, factory orders on Wednesday and the June government jobs report, which was moved forward to Thursday due to the July 4 holiday weekend. Next Wednesday, Yellen is expected to speak on monetary policy to the IMF central banking conference in Washington.

Michaels (MIK), Nike (NKE - Get Report), GoPro (GPRO), DuPont (DD - Get Report) and United Tech (UTX) are among the companies making the headlines Friday. Michaels, the arts and crafts specialty retailer that was taken private in 2006, begins trading Friday under the ticker "MIK". The world's largest sporting goods brand Nike topped estimates in its earnings report after the close Thursday for the quarter ending May 31. Shares of GoPro, the action-camera maker, closed up 30.6% at $31.34 Thursday on its initial day of trading. Chemical maker DuPont lowered it outlook for the second quarter and full year, blaming poor performance in its agriculture unit. United Tech's Sikorsky unit won a $1.28 billion U.S. Air Force contract to develop four new combat search and rescue helicopters based on the design of the UH-60 Black Hawk.

-- By Andrea Tse in New York

Here's Why Rates Will Rise Sooner Than Investors Anticipate

June 27 Premarket Briefing: 10 Things You Should Know

European Stocks Rising on Positive Economic Indicators

Markets Dip as Fed Official Puts Interest Rate Hike on the Radar

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
DD $70.75 0.00%
NKE $103.42 0.00%
AAPL $129.62 0.00%
FB $79.34 0.00%
GOOG $532.32 0.00%

Markets

DOW 18,041.54 -190.48 -1.04%
S&P 500 2,104.20 -21.86 -1.03%
NASDAQ 5,032.7510 -56.6110 -1.11%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs