US stocks: Futures flat as bullsand bears fight like never before
New York (Aug 17) US stocks appeared on track for a flat open Monday, with futures struggling for direction in a way that analysts said has been typical market action for the last few weeks.
The latest reading for the Empire State index could help set a more decisive tone, with that report on manufacturers in New York state expected before the opening bell. Investors also await fresh housing data and earnings from Estée Lauder Cos. Inc.
S&P 500 futures ESU5, -0.12% edged down by 2.15 points, or 0.1%, to 2,087.25, while those for the Dow Jones Industrial Average YMU5, -0.04% dipped by 14 points, or 0.1%, to 17,425. Nasdaq 100 futures NQU5, -0.06% inched higher by 0.75 point, or less than 0.1%, to 4,532.50.
Last week, the S&P SPX, +0.39% gained ground, “marking six consecutive weeks alternating between gains and losses,” said Jonathan Krinsky, chief market technician at MKM Partners, in a note Sunday. He said the battle between stock-market bulls and bears “has never been more evenly matched.”
Krinsky added that “despite all the reasons for a selloff,” there are positive factors that keep a market slump from happening, such as strength by financial stocks. His shop recommends “continuing to buy relative winners,” while selling relative losers, he said.
The S&P is up 1.6% in the year to date, as of Friday’s close, and the benchmark stands 1.8% below its May record close.
Other markets: European stocks SXXP, +0.28% advanced, aided by progress on Greece’s bailout, and a steadier Chinese yuan helped Asian markets ADOW, -0.76% recover from the prior week’s declines. But hard-hit oil CLU5, -1.39% fell further, and gold futures GCU5, +0.30% gained. The dollar DXY, +0.10% was up against its major rivals.
Key economic reports: The New York Federal Reserve’s Empire State Index is expected to come out at 8:30 a.m. Eastern, with economists polled by MarketWatch forecasting an August reading of 4.5.
At 10 a.m. Eastern, a key housing market index is due and seen at 59 for August.
See: MarketWatch’s Economic Calendar
Movers & Shakers: Before the open, Estée Lauder Cos. Inc. EL, -2.03% is expected to post a quarterly profit of 34 cents a share on revenue of $2.567 billion, according analysts polled by FactSet.
General Electric Co. GE, +1.12% shares could move following a Reuters report late Friday that GE is expected to win approval from European regulators to buy a power business from France’s Alstom SA ALO, +7.34%
After the closing bell, Urban Outfitters Inc. URBN, -0.06% is predicted to report a quarterly per-share profit of 49 cents on revenue of $881 million.
Soiurce: MarketWatch
