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Stock Futures Rise Ahead of Apple Earnings, Fed Meeting

NEW YORK (TheStreet) -- Stock futures were moving higher on Monday, extending a record run for the S&P 500 and Nasdaq, as markets awaited a busy week of earnings and a meeting of the Federal Reserve.

S&P 500 futures were up 0.2%, Dow Jones Industrial Average futures climbed 0.24%, and Nasdaq futures added 0.23%. 

On Friday, the Nasdaq and S&P 500 hit all-time highs thanks to an earnings-driven rally in shares of Amazon  (AMZN)Google  (GOOGL) and Microsoft  (MSFT)

"The market has held to the gains made last week off of what has been, frankly, a wait-and-see overnight session with little data or concrete news to speak of," said CRT Capital's David Ader. "In the U.S. we wait for the FOMC with low expectations and really turn attention to (nonfarm payrolls) next week if we can sidestep overseas events."

The Fed will meet on Tuesday in a two-day meeting to discuss monetary policy. The central bank is widely expected to maintain its crisis-level interest rate policy for another month, though its statement on Wednesday will be closely examined for clues as to when a hike could occur. 

Deutsche Bank (DB) tumbled 4.5% in premarket trading after reporting first-quarter profit half that of a year earlier as legal expenses ate into earnings. The German bank also unveiled a strategic overhaul which will target 3.5 billion euros in annual savings. 

HSBC (HSBC) jumped nearly 3% on reports it was considering spinning off its U.K. retail banking unit. The bank could make around $30 billion if a deal came to pass, according to the Sunday Times

Applied Materials (AMAT - Get Report) and Tokyo Electron called off their $29 billion merger following problems with the U.S. Justice Department and regulatory issues in several different countries. Applied Materials plummeted 7.6% in premarket trading. 

Coca-Cola (KO) shares were on watch after the company said it didn't have plans to shift to natural sweetener in Diet Coke, like PepsiCo (PEP) announced last week. Sales of Diet Coke in its recent quarter fell 6% year on year. 

BP (BP) slid 1% before the bell after the British government said it would oppose any potential takeover of the company. The oil giant has had its financial position severely hurt after a wave of legal expenses and fines following the Deepwater Horizon disaster in 2010 and amid plunging in oil prices. 

Apple (AAPL - Get Report) releases quarterly results after the bell Monday. Investors will be keen to see whether growth in iPad sales has been sustained and will monitor the scale of demand for larger iPhones in China. 

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SYM TRADE IT LAST %CHG
AAPL $132.11 1.90%
AMAT $20.44 -7.80%
FB $81.59 -1.00%
GOOG $565.06 3.30%
TSLA $220.51 0.87%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

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