Stock Market Today: Futures Slip; GE Sells Appliances Unit

NEW YORK (TheStreet) -- U.S. stock index futures were trading lower Monday in the absence of any major domestic economic drivers.

Watch the video below to see how European markets are faring in midday trading Monday:


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Dow Jones Industrial Average futures were down 30 points, or 39.36 points below fair value, to 17,087. S&P 500 futures were down 3.75 points, or 4.06 points below fair value, to 2,002.25. Nasdaq futures were down 5.2 points, or 8.27 points below fair value, to 4,081.3.

The cease-fire deal between pro-Russian separatists and Ukrainian government forces appeared to be largely holding in Eastern Ukraine a day after shelling and clashes threatened the agreement, according to The Associated Press.

U.S. stock markets climbed on Friday to end the shortened, holiday week higher by 0.2% as weaker-than-expected jobs growth minimized worries the Federal Reserve would hike rates sooner than later. It was the S&P's fifth straight week of gains. On Thursday, the major indices touch fresh intraday highs after the European Central Bank fulfilled market hopes with its version of a quantitative easing program.

The defensive staples and utilities sectors, each up 0.8%, led the index last week. Energy posted the largest decline, down 1.5%. The Russell 2000 fell 0.4% last week and remains 3.2% off its March high.

"The lack of confirmation from small caps, high yield, momentum and breadth, as well as valuations that appear slightly stretched have us viewing the recent gains through a fairly cautious lens. As the certainty of the U.S. QE era ends and uncertainty over future policy change heats up, we continue to believe investors should be on guard for higher volatility," said Gina Martin Adams, international equity strategist at Wells Fargo Securities.

European stocks slipped Monday, with the overall German economy still heavily weighed down by uncertainty over the situation in Ukraine and the poor performance of the eurozone and Scotland's independence referendum now just 10 days away.

In company headlines, Alibaba expects to price its initial public offering at between $60 to $66 a share, according to a regulatory filing late Friday that sets the stage for the Chinese e-commerce giant to make its debut on the New York Stock Exchange later this month. Alibaba plans to sell 123 million of the shares in the IPO, with the rest being offered by the company's early investors, including Yahoo! (YHOO) , which is parting with some of its 22% stake. Yahoo popped 2.3% to $40.50 in premarket trading.

Sweden's Electrolux (ELUXY) is buying the appliances business of General Electric (GE) for $3.3 billion, boosting its presence on the North American market. GE fell 0.31% to $26.02.

Boeing (BA) and Ryanair Holdings (RYAAY) plan to make a significant fleet announcement on Monday, following reports from Reuters on Friday that the low-cost Irish airline was poised to place a $10 billion order for Boeing's new 737 MAX jetliner. Boeing was up 0.72% to $125.59 and Ryanair was up 0.03% to $57.72.

Landline phone service provider CenturyLink (CTL) is seeking to acquire Rackspace Hosting (RAX) to further expand into cloud-computing services, Bloomberg reported, citing people familiar with the situation. Rackspace surged 7.41% to $40.

Apple (AAPL) is expected to announced a larger iPhone and possibly a computerized watch at a launch event Tuesday in Cupertino, Calif. The stock was up 0.4% to $99.37.

The United States Oil Fund ETF (USO) was down 1.15% to $34.50 and the SPDR Gold Trust ETF (GLD) was off 0.06% to $121.99. 

--By Andrea Tse in New York

Follow @AndreaTTse

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