Market Hustle: Futures Muted as Home Depot, Staples Post Mixed Results

NEW YORK (TheStreet) -- U.S. stock futures were pointing to a muted start on Wall Street after mixed retailer reports.

Dow Jones Industrial Average futures were down 3 points, or 2.86 points below fair value, to 16,478. S&P 500 futures were down 0.75 points, or 0.53 points below fair value to 1,881.5. Nasdaq futures were up 1 point, or 0.88 points above fair value, to 3,614.3.

  • The U.S. calendar is sparse on Tuesday ahead of the FOMC minutes and spate of Fed-speak on Wednesday, and existing home sales on Thursday. Philadelphia Federal Reserve Bank President Charles Plosser will speak about the economic outlook at 12:30 p.m. EDT on Tuesday. New York Fed President William Dudley is scheduled to appear at the New York Association for Business Economics at 1 p.m.
  • Home Depot (HD) was 1.44% lower in premarket trading after reporting first-quarter earnings of $1 a share, topping estimates by just a penny, as sales came in at $19.70 billion. That trailed the consensus revenue estimate of $19.95 billion. Staples (SPLS) was plunging nearly 11% after posting quarterly earnings per share that missed estimates by 3 cents at 18 cents with revenue falling 3% to $5.65 billion. Analysts, on average, were expecting sales of $5.61 billion. Urban Outfitters (URBN) was down more than 4% after missing analysts' expectations in its April-ended first quarter.
  • TJX (TJX) is expected by Wall Street to report earnings of 67 cents a share in the first quarter on sales of $6.6 billion.
  • In other companies news, GoPro, the maker of durable digital cameras that can be used to capture adventure sports, filed for an initial public offering on Monday with a $100 million placeholder. The company, which reported nearly $1 billion in 2013 revenue, will look to list its shares on Nasdaq under ticker "GPRO."
  • International markets were experiencing a mixed session. The DAX was down 0.11%, the FTSE was off 0.5%, and the Hang Seng finished up 0.57%. The Nikkei broke a four-session losing streak, closing 0.49% higher on the heels of U.S. gains on Monday.
  • U.S. stocks eked out gains Monday as small-cap and tech stocks surged against a backdrop of mixed M&A success, but trading volume was the second lowest on record in 2014 heading into the Memorial Day weekend.
  • Global money managers raised cash holdings to a two-year high this month and said America is the worst place to invest, a recent Bank of America survey showed. This is "a sign of risk aversion and equity bull-run fatigue," noted Howie Lee, an investment analyst at Phillip Futures.

-- By Andrea Tse in New York

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