Stock Market Today: Futures Near Highest Levels on Relief From Ukraine Tensions
NEW YORK (TheStreet) -- The market's persistent resilience to negative headlines should continue to surprise investors who won't let go of their belief that the bull market is about to hit a road bump.
U.S. stocks futures were trading near their highest levels in the premarket session on Monday as jitters over Ukraine eased a bit amid a heavy week for economic events.
Dow Jones Industrial Average futures were ahead by 88 points, or 89.09 points above fair value, to 16,719. S&P 500 futures were ticking up 10.25 points, or 11.19 points above fair value, to 1,962.75. Nasdaq futures were higher by 20.8 points, or 21.59 points above fair value, to 4,005.8. European markets were also staging a broad recovery.
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The major U.S. stock markets edged off their worst levels of the day in the final hour of trading Friday and finished the week higher as fears about Russia-Ukraine were balanced by signs that the U.S. economy appears to be on track for a solid, sustained recovery."Both the intermediate and longer-term technical picture of the market remains bullish. We have not seen any uptrend violations that would suggest otherwise," said Piper Jaffray technical market analyst Craig Johnson. Ceasefire hopes ensued Monday after Russia said that Russian and Ukranian foreign ministers who met in Berlin over the weekend have reached an agreement to allow Moscow's controversial humanitarian aid convoy into rebel held territory. The White House said it has not been able to confirm the reports from Friday that Ukrainian troops partially destroyed a Russian military convoy. Read More: European Stocks Stage a Broad Recovery Federal Reserve Chair Janet Yellen is expected to provide more insight into the speed of the labor market recovery at this week's annual meeting of central bankers in Jackson Hole, Wyo. from Aug. 21 through Aug. 23. Market watchers are also hoping that she will address the question of whether the central bank will eliminate ultra-low rates by early next year in the wake of rising inflationary pressures. Shedding further light on the economy and the Fed's rate hiking blueprint this week will be the August NAHB Housing Market Index at 10 a.m. EDT on Monday, the July consumer price index and July housing starts results on Tuesday, the FOMC minutes on Wednesday, and July existing home sales on Thursday. In corporate news Monday, Dollar General (DG - Get Report) offered to buy Family Dollar (FDO) for $9.7 billion, topping a bid from Dollar Tree (DLTR) . Dollar General was popping 10.55% in premarket trading to $63.51, while Family Dollar was gaining 4.85% to $79.75. Dollar Tree was slipping 1.45% to $54.80. Electric car maker Tesla (TSLA - Get Report) was up 0.61% to $263.60 after extending the drive-unit warranty for its Model S sedan to eight years and unlimited miles. More than half of Target's (TGT - Get Report) U.S. stores will remain open later. The stock was down 0.52% to $57.90.
Read More: Stock Market Today: Correction? What Correction? Stocks Post Weekly Gain --By Andrea Tse in New York Follow @AndreaTTse
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