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,
(INDEXDJX:.DJI) futures were up 0.11% at 15,718 and contracts on
(INDEXSP:.INX) rose 0.10% to 1,767.80.
(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%.
) 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.
Bank of America
) 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
) 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.
) shares retreated 1.7% in the pre-market after sinking more than
7% on its second day of trading on Friday.
(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.