Stock Futures Pare Early Gains on Weak Housing Data; Intel Drags Nasdaq Off Record Highs


Disappointing housing data has erased some of the earlier gains in the futures market tied to upbeat Q4 results from General Electric ( GE ) and Morgan Stanley ( MS ), while weak earnings from Intel ( INTC ) has magnified pressure on the Nasdaq leaving the tech-heavy index in the red. After yesterday's sell-off, fueled by a feeding frenzy in Best Buy ( BBY ), Wall Street seemed ready to open higher until December housing starts and permits were both weaker than estimates leaving the S&P and Dow holding onto very slim gains.

Housing starts tumbled 9.8% last month to a seasonally adjusted pace of 999,000, below forecasts for a 9.2% decline. Permits were only slightly better, falling 3.0% to 986,000 versus the consensus estimate for a 2.0% decline.

Next up is the November industrial production and capacity utilization data, both expected to show only a modest improvement from the month prior. The Reuters/Univ of MI index of consumer sentiment has a forecast of 83.5 from 82.5 in December.

The financial markets in Europe are mixed with the UK losing early gains on bullish retail sales on the reversal in the U.S futures market.

-Dow Jones Industrial up 0.09%

-S&P 500 futures up 0.05%

-Nasdaq 100 futures down 0.03%


Nikkei down 0.08%

Hang Seng up 0.64%

Shanghai Composite down 0.93%

FTSE-100 down 0.01%

DAX-30 up 0.04%


(+/-) Large cap tech: mixed

(-) Chip stocks: lower

(-) Software stocks: lower

(-) Hardware stocks: lower

(+/-) Internet stocks: mixed

(-) Drug stocks: lower

(+) Financial stocks: higher

(+/-) Retail stocks: mixed

(+/-) Industrial stocks: mixed

(+) Airlines: higher

(+) Autos higher


SWKS Northland Capital Markets raised their price target on the stock to $40 from $35 a share.

KERX Its Japanese partner, Japan Tobacco Inc. (JT), received manufacturing and marketing approval of ferric citrate from the Japanese Ministry of Health, Labour and Welfare.

ARIA Iclusig drug for leukemia is now commercially available in the U.S.


SSNI Baird downgrades Silver Spring Networks to Neutral from Outperform and slashed its price target to $17 from $32 a share.

FUEL Downgraded by BMO Capital to a Market Perform rating from Outperform.

INTC Missed Q4 earnings estimates by $0.01

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: BBY , GE , INTC , MS

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