Monday’s Market Focus
Stock futures in the U.S. are higher after a big decline on Friday and despite a profit warning from FedEx Corp.
S&P 500 futures were up 2.70 points to 1,391.70, while Nasdaq futures rose 1.50 to 1,964.75. Futures on the Dow Jones industrial average rose 17 to 12,761.
Wall Street ended the week Friday with a big decline as investors grappled with two of the biggest threats to the economy: fallout from turmoil in the credit market and surging energy prices.
The Dow Jones industrial average fell 120.90, or 0.94%, to 12,745.88, while the S&P 500 index fell 9.40, or 0.67%, to 1,388.28, and the Nasdaq composite index fell 5.72, or 0.23%, to 2,445.52. For the week, the Dow fell 2.39%, the S&P 500 declined 1.81% and the Nasdaq lost 1.27%.
Bond prices were little changed. The yield on the benchmark 10-year Treasury note stood at 3.78% late Friday, unchanged from late Thursday. Oil futures rose above $126 a barrel for the first time. Light, sweet crude rose as high as $126.20 on the New York Mercantile Exchange before settling at a record $125.96. For the week, oil jumped nearly $10.
ECONOMIC DATA:
- Treasury budget for April, 2 p.m. ET, $167.8 billion estimate
EARNINGS HIGHLIGHTS:
Company Symbol Period Estimate
Charter Communications CHTR 1Q $ (.75) Fluor Corp. FLR 1Q 1.27 Holly Corp. HOC 1Q .15 IndyMac Bancorp IMB 1Q (1.92) Sprint Nextel S 1Q .02 Standard Pacific SPF 1Q (1.22) PMI Group PMI 1Q (1.96) Valspar Corp. VAL 2Q .42 XM Satellite XMSR 1Q (.39)
Figures in parentheses denote losses.
AFTER-HOURS ACTION:
After the closing bell on Friday FedEx Corp. cut its fourth-quarter profit outlook, citing rising fuel prices and a weak economy. The Memphis, Tenn.-based package-delivery giant now expects earnings of $1.45 to $1.50 a share for the quarter ended May 31, compared with a prior projection of $1.60 to $1.80 a share. The mean estimate of analysts polled by Thomson Reuters is for a profit of $1.69 a share for the quarter.
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