US pre-open: Stocks seen little changed at start of busy week
Updated : 11:18
US futures pointed to a broadly flat open on Wall Street, with traders likely to tread carefully as they returned to their desks following the long weekend.
At 1120 BST, Dow Jones Industrial Average futures were up 0.1%, S&P 500 futures were flat and Nasdaq futures were 0.2% firmer as investors continued to digest comments by Federal Reserve Chair Janet Yellen, who said on Friday that a rate hike in the coming months “would be appropriate” if the economy and labour market continue to show an improvement.
At the same time, oil prices were mixed as the production of Canadian oil resumed and investors looked ahead to this Thursday’s meeting of the Organization of the Petroleum Exporting Countries. West Texas Intermediate was up 0.4% at $49.51 a barrel while Brent crude was down 0.3% at $49.60.
Naeem Aslam, chief market analyst at Think Forex, pointed out that this week is set to be very busy.
“No matter what region you focus on, there is a big event. Starting from the ECB press conference on Thursday, OPEC meeting on the same day and finally, the US NFP on Friday. This week is packed with events which will keep volatility high,” he said.
In corporate news, medical devices manufacturer Medtronic was among the companies slated to report earnings before the opening bell.
On the data front, investors will eye the release of personal income and spending figures at 1330 BST and S&P/Case-Shiller home prices at 1400 BST. Chicago PMI is at 1445 BST and consumer confidence is at 1500 BST.
“The US economy is currently running on a single growth engine: the consumer,” said Societe Generale.
“The publication of the April personal income report should not be a vector for change, as household income is likely to jump by 0.5% mom. Market participants’ focus will also be on the S&P/Case-Shiller index release, likely to show a rebound in home prices nationwide (+1.0% mom in April). Mostly adding to the positive signals in today’s reports, we expect a slight improvement in consumer confidence.”