Stocks are edging lower as investors prepare for Janet Yellen's
first congressional testimony as chair of the Federal Reserve
S&P 500 futures are down by more than 0.1 percent, while
European markets are little-changed. Tokyo and Shanghai both
climbed about 2 percent overnight, spurred by big gains in the
United States on Friday.
The S&P 500 ended last week with a bang, rallying 2.6 percent
in the last two sessions, as bargain hunters returned to the market
following its biggest drop since late 2012. Sentiment has been
weakening in the last month as economic data slows in the United
States and abroad, though momentum in the broader market remains
Attention now turns to Yellen's appearance before the House
Financial Services Committee at 10 a.m. ET tomorrow. She returns to
the Senate on Thursday, when the Commerce Department is also
scheduled to report monthly retail sales. In addition to the
economic headlines, corporate results continue to stream in.
Hasbro is the main company scheduled for this morning, followed by
Masco, Pioneer Natural Resources, Rackspace, Comstock Resources,
and American Capital this afternoon. Cisco Systems, Deere, NetApp,
Applied Materials and Nvidia follow tomorrow. (See our latest
While no single sector has dominated performance, our
market scanner shows emerging strength in homebuilders, video-game
makers, credit-rating agencies, bulk materials, iron ore, and
In company-specific news, HAS fell 1 percent after sales and profit
missed expectations. AutoNavi, a Chinese digital-map provider, is
up 28 percent after receiving a takeover offer from Alibaba.
Commodities are mixed, with oil down slightly and natural gas
falling by almost 2 percent. Gold is gaining 0.9 percent, silver is
climbing 1.4 percent, and copper is up fractionally. Agricultural
products are mostly lower.
Currencies are modestly bearish, with the Japanese yen higher while
the euro and Australian dollar edging lower.