Stock futures continued to trade defensively after personal income and consumption spending were both a disappointment and Thursday's record high in the S&P 500 triggered light profit-taking pressure. Retailers were again under water in the wake of disappointing earnings from Express ( EXPR ) and Guess ( GES ) that has spilled into broader markets still digesting Q1 earnings.
Personal income increased only 0.3% in April, missing estimates for a 0.4% gain, and slowing slightly from March's +0.5% pace. Spending contracted by 0.1%, well below the consensus estimate for a modest 0.2% gain, but March was revised upward to +1.0% from +0.9% initially.
The remaining data includes the Chicago Purchasing Manager's Index, expected to decline in 61.0 in May from 63.0, and the Reuter's/Univ of Michigan consumer sentiment index, forecast to show a modest improvement to 82.5 from 81.8 prior.
-Dow Jones Industrial down 0.07%
-S&P 500 futures down 0.08%
-Nasdaq 100 futures down 0.05%
SENTIMENT
Nikkei down 0.34%
Hang Seng up 0.31%
Shanghai Composite down 0.07%
FTSE-100 down 0.29%
DAX-30 down 0.03%
PRE-MARKET SECTOR WATCH
(+/-) Large cap tech: mixed
(-) Chip stocks: lower
(-) Software stocks: lower
(+/-) Hardware stocks: mixed
(+/-) Internet stocks: mixed
(+/-) Drug stocks: flat
(+/-) Financial stocks: mixed
(+/-) Retail stocks: mixed
(+/-) Industrial stocks: lower
(+) Airlines: higher
(-) Autos lower
UPSIDE MOVERS:
(+) RTRX (+29.27%) Inks deal for kidney stone medication, boosts revenue outlook
(+) OVTI (+8.69%) Beat on earnings and reported upbeat guidance
DOWNSIDE MOVERS:
(-) BLOX (-35.43%) Below consensus guidance, CEO resigns
(-) SPLK (-6.45%) Reported a wider Q1 loss
(-) BNNY (-16.00%) RBC cuts PT $8 to $37 following results
(-) EXPR (-11.96%) Reported disappointing Q1 earnings
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
