US futures dip modestly

Comment on this story
WallStreet1234 Reuters. A Wall Street sign is pictured outside the New York Stock Exchange in New York.

New York - US stock index futures were slightly lower on Monday ahead of business activity and home sales data, with the S&P 500 and Nasdaq Composite indexes set to close a sixth straight quarter of gains - a streak not seen in more than 14 years.

* The Chicago Purchasing Manager Index is due to be released at 9:45 a.m. EDT (15:45 SA time) and the National Association of Realtors will publish its pending home sales index at 10:00 a.m. (16:00 SA time).

* With an abbreviated week due to the US Independence Day holiday on Friday and a ream of data due Wednesday and Thursday, there may be increased volatility in a market that has been frustratingly placid for some time.

* S&P 500 e-mini futures were down 2 points and fair value - a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract - indicated a slightly lower open.

Dow Jones industrial average e-mini futures fell 24 points and Nasdaq 100 e-mini futures lost 1 point.

* Barring a market slide on Monday, the S&P and Nasdaq will close up for a sixth straight quarter.

That's the longest streak of quarterly advances for the Nasdaq since 2000, while for the S&P, it's the best run of quarters since 1998. The Dow will close its fifth higher quarter of the last six.

* US regulators on Friday approved MannKind Corp's inhaled insulin, saying the device offered a new treatment option for patients with diabetes. MannKind shares jumped 12 percent in premarket trading.

* Markets will continue to keep an eye on the Middle East as Iraqi troops battle for Tikrit after the leader of an al Qaeda splinter group was declared caliph of a new Islamic state in lands seized this month across a swathe of Iraq and Syria. - Reuters



sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.