Futures headed south today after a lackluster report on personal
income and outlays.
Personal income stayed flat in April, where economists predicted a
slight rise. March's month-to-month increase was revised up to
0.3%. Consumer spending fell 0.2%, where experts expected it to
(INDEXDJX:.DJI) futures are down 0.47% at 15,247.
(INDEXSP:.INX) futures fell 0.47% to 1,645.90 and future contracts
(INDEXNASDAQ:.IXIC) index fell 0.48% to 2,995.50.
After the bell, the final estimate for the May Reuters/University
of Michigan consumer sentiment index is expected to match the prior
reading of 83.7. Chicago PMI will also come out later this morning.
Economists expect the business barometer index to rise to a
flatline level of 50 after a prior estimate of 49. Readings below
50 signal a contraction.
European indicies are down today as a spate of poor economic data
hit the wires.
Consumers in Europe's core are still cautious. Retail spending in
Germany fell 0.4% in April. Consumer spending was also down 0.3% in
France. Germany's data disappointed, but the fall in French
spending was not as sharp as feared.
Eurozone unemployment rose a tenth of a point to a fresh record of
12.2% in April. Unemployment in Italy rose to 12% last month, the
highest rate since the goverment started keeping statistics in
1977. Across the eurozone, 3.624 million young people are without a
job. Greece, Portugal, and Italy all have unemployment rates of
over 40% for under-25s.
Also, the flash estimate of eurozone inflation came in at 1.4%
(INDEXNIKKEI:NI225) rose 1.37% today overnight, but Japanese stocks
are down sharply after hours. Today, a report showed that deflation
persists despite the government's pro-inflation policies. The
consumer price index fell 0.7% year-over-year in April after a 0.9%
decline in March.
A massive protest called "Blockupy" took over the streets of
Frankfurt to disrupt the European Central Bank today.
) fell over 1% in the pre-market as shareholders sued founder
Michael Dell for taking the company private for $24.4 billion,
which they consider to be underpriced.
) shares gained nearly 4% this morning after the company reported
$163 million in net profit for the first three months of the year,
up from a $22.7 million loss a year ago. Revenue also rose 22% to
) will replace
) in the
(INDEXNASDAQ:NDX) on June 6.