Stock Futures Mixed With Apple Call, Housing Data on Deck


NEW YORK ( TheStreet) -- U.S. stock futures were trading mixed Monday following the achievement of multi-year highs last week and as markets awaited an Apple ( AAPL) conference call.

Futures for the Dow Jones Industrial Average were falling 16 points, or 17.6 points below fair value, at 13,147. Futures for the S&P 500 were down 1.5 points, or 1.6 points below fair value, at 1397, and futures for the Nasdaq were up 6.5 points, or 6.8 points above fair value, at 2715.

U.S. stocks finish mixed Friday as the Dow snapped its seven-day winning streak after a disappointing read on consumer sentiment. This, after the S&P 500 finished above 1400 for the first time since June 2008 last week and the Nasdaq closed above 3,000.

"It was an unequivocal win for the bulls last week, as the major equity benchmarks finished with gains of more than 2% apiece," said Todd Salamone, senior vice president of Research, Schaeffer's Investment Research. "While everyone's still a little skittish over high gasoline prices, traders cheered stronger-than-forecast reports on manufacturing and employment, sending stocks to new multi-year highs along the way. Nevertheless, after two-plus years of improving price action, naysayers continue to find reasons to doubt this rally."

Still "a risk to those waiting for a deeper pullback is that the early March decline might be all they get for now," Salamone cautioned. He remains bullish, saying that the technical backdrop of the benchmark equity indexes still looks "healthy."

In corporate news, Apple shares were gaining 3% to $603.01 as investors awaited a conference call expected to address what the world's most valuable company plans to do with its roughly $100 billion billion in cash and investments. Many are expecting Apple to announce a dividend for the first time since 1995. The call will take place at 9 a.m. EDT.

In Monday's light economic calendar, the National Association of Home Builders' housing market index for March is expected to come in at a reading of 30, up from the prior month's 29, according to a survey of economists by Thomson Reuters.

London's FTSE was down 0.49%, and Germany's DAX was falling 0.75%. In Asia, Japan's Nikkei Average finished up 0.12% and Hong Kong's Hang Seng index closed lower by 0.95%.


April oil futures were falling 44 cents to $107.14 a barrel, while April gold futures were edging lower by $1.60 to $1,654.20 an ounce.

The benchmark 10-year Treasury was up 6/32 diluting the yield to 2.275%, while the U.S. dollar index was trading sideways at $79.79.

-- Written by Andrea Tse in New York.

>To contact the writer of this article, click here: Andrea Tse.

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