Stock Futures Point to Early Losses

Traders await the Institute for Supply Management's nationwide factory data and the Commerce Department's construction-spending numbers.
Author:
Publish date:

Wall Street was girding for a fall at the open Monday as U.S. investors, fresh off a positive month for the

S&P 500

and the

Nasdaq Composite

, took a step back ahead of new data on America's manufacturing sector.

S&P 500 futures were down 7 points to 1793 and were more than 7 points under fair value. Futures on the Nasdaq 100 were off 8 points to 2027 and were nearly 8 points below fair value.

Last time out, the major indices closed out a winning week narrowly mixed as the session saw positive tech earnings but little else to move markets. All told, the

Dow Jones Industrial Average

lost 8 points to 12,638, and the S&P rose 2 points to 1400. The Nasdaq finished higher by 14 points at 2523.

A bit later, investors will be looking for clues on the trajectory of the U.S. economy as the Institute for Supply Management releases last month's nationwide factory data. The report, which is expected to show a marginal improvement from April but a contraction nonetheless, should be out at 10 a.m. EDT.

Due at the same time are the Commerce Department's construction-spending numbers for April.

The decline in U.S. stock futures came also amid suffering European exchanges as Britain's largest lender to landlords,

Bradford & Bingley

, sliced the price of its rights offering and stoked fears that credit-related losses are continuing to spread.

Recently, the FTSE 100 lost 0.9%, the Germany's Xetra Dax sank 1%. The Paris Cac plunged 1.4%. Asia markets fared better, however. Tokyo's Nikkei 225 climbed 0.7% overnight, and Hong Kong's Hang Seng Index jumped 1.2%.

Among U.S. companies, fertilizer concern

Intrepid Potash

(IPI) - Get Report

said its fiscal first-quarter earnings quintupled from last year to $33.1 million on sales that ramped up 75% at $84.4 million.

Insurance firm

Progressive

(PGR) - Get Report

was upped to outperform at Friedman Billings, and Keefe Bruyette upgraded

Sovereign Banc

(SOV)

. Logging company

Weyerhaeuser

(WY) - Get Report

was cut to hold from buy at Deutsche Bank.

Friedman Billings also boosted the price targets of several coal producers, among them

Peabody Energy

(BTU) - Get Report

,

Patriot Coal

(PCX)

and

Arch Coal

(ACI) - Get Report

.

As for commodities, crude oil lost $1.42 to $125.93 a barrel. Gold futures were up $1.90 to $893.40 an ounce. The U.S. dollar climbed 0.2% against the euro, but yielded 0.6% to the yen.

Treasury prices were rising. The 10-year note added 7/32 in price to yield 4.03%, and the 30-year bond was up 9/32 in price, yielding 4.70%.