|09-08-2014, 02:57 PM||#1|
Wall Street to start a quiet week on a feeble note
Markets seem to have plenty going on Monday, with Wall Street looking at a weaker open after five straight weeks of gains.
U.S. stock futures were drifting lower ahead of the opening, threatening to erase small gains eked out last week.
-Futures on the Dow Jones Industrial Average dropped 0.175% to 17087
-Futures on the S&P 500 Index dropped 0.165% to 2002.70
-Futures on the NASDAQ 100 dropped 0.092% to 4082.75 . As of 07:21 a.m. ET
On Friday, the Dow rose nearly 70 points, while both the S&P 500 and the NASDAQ advanced around 0.5%, which placed all three indices in positive territory for the week.
In induvidual shares, Yahoo was up 2.8% in premarket as investors prep for Alibaba’s trading in the U.S.
The Chinese e-commerce giant is aiming to raise as much as $24.3 billion for its upcoming initial public offering, where Yahoo owns more than 20% of Alibaba.
General Electric Co. declared a $3.3 billion sale of its appliances unit to Electrolux AB in Sweden.
Campbell Soup Co. reported better-than-expected quarterly profit on strong sales in its Bolthouse business. For fiscal 2014, Campbell expects sales growth of 1% to 2%.
Consumer credit data for July is due at 3 p.m. Eastern Time, but otherwise, the data calendar remains largely quiet until retail sales data is released on Friday but a report on U.S. job openings.
10-year Treasury yields fell 2.1 basis points to 2.437%, while the U.S. dollar continued its strong march. The Dollar Index was last up 0.2% at 83.92, the highest level since July 10, 2013.
Meanwhile, the British pound took a heavy fall in FX markets on increasing risk that Scotland may vote next week to break loose from the United Kingdom. A weekend poll showed for the first time that Scottish voters who want to break away from the U.K were more than those who wanted to stay, which resulted in a sharp tumble against the U.S. dollar.
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