Stock futures are down slightly following Friday's gains as
investors have no economic data to digest this morning.
(INDEXDJX:.DJI) futures were down 0.08% at 15,303.
(INDEXSP:.INX) futures slipped 0.09% to 1,661.50.
(INDEXNASDAQ:.IXIC) futures fell 0.16% to 3,018. The US economic
calendar is quiet until Wednesday, when we get existing home sales
data and the latest minutes from the Federal Reserve Open Market
Overseas markets also reached records. Germany's
(INDEXDB:DAX) led Europe, rising 0.35% to a record high. Japan's
(INDEXNIKKEI:.NI225) gained 1.5% on economic optimism and a
weakening yen. The stock index is up 48% year-to-date, with
exporters that benefit from a cheap currency leading the way. The
government raised its expectations for economic growth this year.
Chinese home prices increased at a slower pace in April. Of the 70
cities surveyed, 67 reported price increases from March.
Over the weekend,
) closed the
acquisition of Tumblr
, a six-year-old blogging network, for $1.1 billion. The deal was
100% cash. Shares of the Internet media company rose 0.53% in the
pre-market. Since the start of the year, the company has advanced
) analyst Doug Anmuth
that the deal was a positive step for Yahoo.
Campbell's Soup Co.
) reported profits of $181 million, or $0.57 per share in its third
fiscal quarter, up from $0.55 a year earlier as the company works
to expand its offerings to serve customers' changing tastes as well
as expand overseas.
), Europe's biggest discount airline, saw profit increase 13% over
the first three months of the year.
)shares rose 2.68% to $16.49 after Barclay's recommended it as
equal weight, up from underweight. The analysts noted that Pandora
is successfully improving its monetization of mobile users.
In a commencement speech at Simon Rock, a small college in
Massachusetts, Fed Chairman Ben Bernanke made the case for optimism
thanks to technology and worker productivity.
"Invention was once the province of the isolated scientist or
tinkerer. The transmission of new ideas and the adaptation of the
best new insights to commercial uses were slow and erratic. But all
of that is changing radically. We live on a planet that is becoming
richer and more populous, and in which not only the most advanced
economies but also large emerging market nations like China and
India increasingly see their economic futures as tied to
technological innovation," the Chairman said.