Futures were little changed today as investors await tomorrow's
announcement from the Federal Reserve.
With a blank economic calendar,
(INDEXDJX:.DJI) futures were up 0.08% at 15,3031 before the opening
(INDEXSP:.INX) futures rose 0.06% to 1,665.60 and
(INDEXNASDAQ:.IXIC) futures climbed 0.12% to 3,024.50.
Tomorrow, all eyes will be on the Fed as it may confirm speculation
that it will scale back quantitative easing from its current $85
billion monthly level. Chairman Bernanke will testify before the
Joint Economic Committee tomorrow and the Federal Open Markets
Committee will release the minutes of their last meeting. St. Louis
and New York Fed Chiefs James Bullard and William Dudley will both
deliver speeches today. Bullard is one of the monetary hawks that
has expressed concerns that the Fed is fueling inflation with its
policies. Yesterday, the Chicago Fed's Charles Evans said that the
economy is not quite ready for quantitative easing to scale back
Overseas, Japanese stocks continued to rise, breaking records,
while European indices fell. Japan's Economy Minister Akira Amari
said that the yen is too strong and is in the process of
) could be active today as CEO Tim Cook goes to Washington to
answer for its controversial tax-sheltering practices. The company
raised $17 billion in a debt offering recently rather than bring
billions into the US from overseas, much of it in
such as Ireland. Apple outlines its policy and defends the taxes
that it pays in a
) will be in focus as well as Jamie Dimon makes a last ditch appeal
to shareholders to allow him to keep his dual role of CEO and
Chairman at the annual stockholder meeting in Florida.
) fell 6.3% after it lowered its profit projection for 2013. The
cruise operator has struggled to improve its image after several
high-profile disasters. To fill its ships, it lowered the price for
a cruise to as low as $38 per night.
) reported earnings today that topped estimates but revenue fell
short. Adjusted earnings fell to $110 million or $0.32 per share,
down from $0.76 per share a year ago and revenue fell 10% to $9.38
) shares rose 3.5% in the pre-market after the home improvement
retailer reported that sales and profit beat estimates. Earnings
rose to $0.83 per share in the first quarter. Home Depot's fortunes
are closely correlated to the housing market, which has improved
greatly in the past year.