RTTN: Futures Pointing To Further Weakness On Wall Street
(RTTNews) - Stocks are on pace to open Monday's session notably lower, as continued worries about European debt are helping to prolong a downward trend on Wall Street. The major index futures are all in negative territory, with the Dow futures down by 62 points.
The threat of the Greek debt crisis spreading to Spain and Portugal has spooked investors and raised fears that the global economic recovery could be derailed without much participation from the Euro zone.
While the U.S. dollar may firm up versus riskier currencies as equities remain weak, gains will likely be tempered by economic concerns in the wake of last week's disappointing jobless claims numbers.
On the economic front, the National Association of Realtors will release its report on existing home sales for April at 10:00 a.m. ET. Economists expect the rate of existing home sales to come in at 5.65 million for the month compared to March's 5.4 million.
With earnings season winding down, Campbell Soup Co. (CPB) reported adjusted third-quarter earnings of $0.54 per share, topping estimates for $0.51 per share. Net sales for the most recent quarter increased to $1.8 billion from $1.69 billion in the comparable period. Wall Street analysts had projected revenues of $1.8 billion for the quarter.
Looking ahead, Campbell said it expects full year adjusted earnings growth at the high-end of its previous guidance range of 9%-11%. The company also said it expects full year sales growth of 2.5%-3.5%, while analysts estimate sales growth of 2.30%.
