U.S. Futures Dip Slightly; S&P to Close First Half 6% Higher
NEW YORK (TheStreet) -- The S&P 500 could be on track to close the first half of 2014 up 6%, with Monday being the last day of the second quarter, after a series of recent record-breaking weeks.
U.S. stock futures moved slightly lower in premarket trading on Monday.
Before the bell, S&P 500 futures were down 0.08% to 1,950.5, Dow Jones Industrial Average futures slipped 0.14% to 16,724, and Nasdaq futures are flat at 3,831.5.
On Friday, markets closed the week lower, though benchmark U.S. indices gained over the session. Stocks spent much of the day mixed with few market-moving catalysts giving investors reason to jump in.
That will be less of a problem on Monday with Chicago PMI, pending home sales and the Dallas Fed Manufacturing Survey all due for release in the morning.Economists expect May's Chicago PMI to slip to 64 from 65.5, though still above the 50 measure, which is indicative of expansion. Pending home sales are expected to increase 1% from 0.4% in April. European and Asian stocks were largely mixed Monday. Eurozone inflation was stable at 0.5%, its ninth straight month below the European Central Bank's 1% barometer for deflation and far from its target 2%. It's a big day in Argentina as the country faces a deadline to pay bondholders; failing to do so it could enter into technical default. However, the deadline could be extended to July 30. In individual stock news, MannKind (MNKD) popped 11.3% to $11.13 in premarket trading after receiving Food and Drug Administration approval for Afrezza on Friday. Kenneth Feinberg, specialist in high-profile payouts, will detail a victim compensation plan for General Motors (GM) at 10 a.m. EDT. A widely publicized faulty ignition switch has caused 13 fatalities and many more injuries so far. American Apparel (APP) shares are correcting after shooting 29.8% higher heading into the close Friday. The retailer adopted a one-year stockholder rights plan to ward off attempts by ousted CEO Dov Charney to retake control. Charney, holder of a 27% stake, disclosed intentions to purchase an additional 10%. In premarket, shares were down 6.8% to 90 cents. Read More:
June 30 Premarket Briefing: 10 Things You Should Know Stocks End Week Lower on Rate Hike Chatter, Sparse Macro News European Stocks Are Mixed, Steady Inflation in Eurozone
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