Stock futures rose this morning as economic bellwether
) reduced its forecast due to weak economic growth.
(INDEXDJX:.DJI) futures are up 0.38% at 14,528. Futures contracts
(INDEXSP:.INX) rose 0.47% to 1,555.00 and
(INDEXNASDAQ:.IXIC) futures climbed 0.64% to 2,786.25. Gold futures
are making a comeback, rising 2.86% to $1,431.80 an ounce.
Japanese stocks jumped overnight as the G-20 group tacitly gave
Japan's unprecedented stimulus effort its approval. The central
bankers and finance ministers of 20 countries did not criticize
Japan's actions or label the country as a currency manipulator. The
yen fell to 99 on the dollar.
Caterpillar, a global economic bellwether, fell short of forecasts
for the first quarter. The Dow component fell 0.51% in pre-market
trading, extending its 10% drop since the start of the year as
construction spending fell. Sales fell to $13.31 billion from
$15.98 billion in the year earlier and earnings per share came in
at the lower end of estimates at $1.31, down from $2.37 a year ago.
Caterpillar cut its outlook for the full year 2013 to $7.
Caterpillar Chairman and Chief Executive Officer Doug Oberhelman
said that disappointing Chinese growth in the first quarter was
consistent with the company's view that the world economy is
After the bell,
) is expected to report earnings of $0.18 per share, up from a
$0.08 per share loss last year. In the conference call, we will
find out whether hyped original programming such as
House of Cards
helped the company's bottom line. Shares of Netflix are up about
three quarters since the start of the year.
), major supplier to
), reported weak earnings as demand for iPhone and iPad screens
slumped. Apple accounts for about 30% of the Korean company's
revenue, and its poor results are not a good sign ahead of Apple's
earnings, which we will learn on Tuesday. LG earned $3.1 million in
the first quarter, up from a loss in the year before, missing
LG's earnings underscore a
from Reuters that says that Asian component sellers are hoping to
lessen their reliance on Apple. One tech company called Cupertino a
"poison apple" because of the hard-to-meet standards.
Later this morning, the government is expected to report that
existing home sales sped up to a seasonally adjusted annualized
rate of 5.03 million homes in March, up from 4.98 million
previously built homes in the month before.
Budget deficits in the eurozone fell to 3.7% in February from 4.2%
a year ago. Of the 17 countries, only six have deficits that fall
within the Maastrict limits and only Germany posted a small
surplus. Government debt as a percentage of GDP rose to 90.6%.