Stock futures were little changed this morning after the US
trade deficit came in narrower than expected.
America imported $40.3 billion more than it exported in April, up
from $38.8 billion in March, a change partially driven by an
increase in fuel imports.
(INDEXDJX:.DJI) futures are off 0.01% at 15,215 while
(INDEXSP:.INX) futures rose 0.05% to 1,637.00 and future contracts
on the Nasdaq (INDEXNASDAQ:.IXIC) index climbed 0.09% to 2,988.25.
After getting slammed yesterday, the
(INDEXNIKKEI:.NI225) rallied over 2%, but it is declining
after-hours. Japan's prime minister is pushing the country's public
pension funds to raise their equity allocations, which could be
problematic if the funds sell off their government bonds, which
could raise Japan's low interest rates. European indices are mostly
Two Federal Open Markets Committee voting members, Sarah Bloom
Raskin and Esther George, will make speeches today. Their comments
might move markets if they hint at the Fed's plans on continuing or
ending quantitative easing. Yesterday, Atlanta Fed President Dennis
Lockhart said that he does not favor tapering off the stimulus plan
Jaime Caruana head of the Bank of International Settlements warned
of the rocky road ahead if central bankers abandon loose monetary
"While central banks surely have all the tools necessary to
technically engineer an exit and will doubtless do their utmost to
communicate properly with market participants, it cannot be taken
for granted that the process will be smooth," he said in a speech
in Seoul, South Korea. "A global steepening of yield curves could
hit the capital of financial institutions, to the extent that they
hold their government's debt, and worsen debt sustainability."
) had its biggest drop in 10 months yesterday when it announced
that it will lay off 520 employees, about a fifth of its staff. It
will also close its offices in New York, Dallas, and Los Angeles.
) fell 10.6% yesterday on rumors that
) might unveil an Internet music-streaming service at its
developers' conference next week. Pandora also faces competition
) new Listen Now service, which debuted last month.
) shares rose 2.7% in pre-market trading after announcing that it
will join the S&P 500 index, replacing
(HNZ) which Warren Buffett is taking private.
(TSLA), the electric car company, holds its shareholder meeting
this afternoon. Yesterday, shares sank 5.29%.