AFP: The Day Ahead: Equities Soft Ahead of Housing Data
US equities have been rising for the past six trading days, but even though first-quarter earnings continue to roll in with positive results, the futures market is looking soft as the week comes to an end.
“Earnings at GE, the bellwether of the U.S. economy, beat expectations in the latest quarter,” noted economists from BMO. “BoA also exceeded estimates, hitting the high bar set earlier this week by JPM and Wells Fargo.”
Even so, Dow futures are down 15 points to 11,081 and S&P 500 futures are off 2.25 points to 1,206.25. The 2 year Treasury note is +0-01 at 100-00 yielding 0.996% and the 10 year Treasury note is +0-05 at 98-14 yielding 3.817%.
Meantime, NYMEX crude oil is down 77 cents to $84.74, and Spot Gold is trading $3.85 lower at $1,155.40.
Key data on housing the consumer sentiment could quickly turn stocks positive though.
