Pre-Market: Amazon Convinces Postal Service to Deliver on Sunday; Stocks Continue to Rise

By Vincent Trivett,

Shutterstock photo

Wall Street is heading for a moderately higher opening as Veterans Day puts bond markets on hold and and no economic data points are scheduled.

Before the opening bell today, Dow (INDEXDJX:.DJI) futures were up 0.11% at 15,718 and contracts on the S&P 500 (INDEXSP:.INX) rose 0.10% to 1,767.80. Nasdaq (INDEXNASDAQ:.IXIC) futures gained 0.02% to 3,361.25. This week, equities might extend their longest streak of weekly gains since February. Last week's jobs report was a major upside surprise, sending all of the major indices up by more than 1%.

Yesterday, Amazon ( AMZN ) reached a deal with the US Postal Service to deliver packages on Sundays to New York and LA customers. In 2014, Houston, Dallas, New Orleans, and Phoenix will also get Sunday deliveries. It's a definite boon to the postal service, which lost $11.6 billion in the first nine months of this year alone, and for Amazon prime members, but not as good for competitors who don't have the clout to negotiate a special deal like this.

Regulators want Bank of America ( BAC ) to pay out $864 million to compensate the government for losses after it bought thousands of toxic loans made by Countrywide before it sold to BofA. On Friday, US Attorney Preet Bharara accused Countrywide of churning out loans and selling them to Fannie Mae ( FNMA ) and Freddie Mac ( FMCC ) at breakneck speed in a program dubbed "Hustle." The government is seeking the maximum fine allowed. Bank of America says that the government is exaggerating the harm done by the program, which was over before it bought Countrywide.

Today, Twitter (NYSE: TWTR ) shares retreated 1.7% in the pre-market after sinking more than 7% on its second day of trading on Friday.

This week, Wal-Mart ( WMT ), Macy's (M), and Nordstrom (JWN) will all report earnings, giving us a more nuanced look at consumer spending, which has been subdued of late.

Also this week, America's budget talks will resume, as a bicameral committee takes 30 days to end the fiscal impasse. If no deal is reached on Dec. 13, automatic spending cuts that both parties oppose will go into effect.

On Thursday, incoming Federal Reserve Chairwoman Janet Yellen will begin to undergo confirmation hearings. As she is questioned by the Senate Banking Committee, she might shed some light onto the Fed's plans for quantitative easing after last week's better-than-expected employment data.

Twitter: @vincent_trivett

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Stocks , Technology
Referenced Stocks: AMZN , BAC , FMCC , FNMA , WMT

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