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Healthcare Headlines |
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SmartMoney.com: Today's Markets
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U.S. Stock Futures Edge Lower
By William L. Watts FRANKFURT?U.S. stock futures edged lower Tuesday, as investors kept an eye on the continuing debt drama in Greece and the ongoing flow of corporate earnings results while awaiting congressional testimony by Federal Reserve Chairman Ben Bernanke.Futures on the Dow Jones Industrial Average�fell 9 points to 12767. S&P 500 index futures slipped 1.9 points to 1337.20, while Nasdaq 100 futures shed 3.25 points to 2522.50.Greek party leaders were set to meet with Prime Minister Lucas Papademos on Tuesday in another effort to come to an agreement on new cutbacks and other controversial austerity measures demanded by the European Union and International Monetary Fund in return for a second bailout package. Without the bailout money, Greece is seen as virtually certain to default on a large, mid-March debt repayment.Investors are in no hurry to increase exposure to stocks as the Greek drama continues to unfold, said Fawad Razaqzada, market strategist at GFT."There is considerably more debate about the likelihood of an outright Greek default," Mr. Razaqzada said. "Although this is getting priced into the market, the assumption remains that any default will be contained and will not suck in other troubled countries. This complacent attitude may soon be tested."There's little in the way of high-profile U.S. economic data set for release Tuesday, but investors are likely to pay close attention to Bernanke's testimony before the Senate Budget Committee at 10 a.m. ET."Bernanke's testimony to the Senate Budget Committee should not differ from his House testimony, though a more upbeat tone can be expected in the wake of the latest unemployment report" on Friday, wrote strategists at UBS. Mr. Bernanke last Thursday warned the House Budget Committee that the U.S. risks the possibility of a sudden fiscal crisis unless Washington comes to grips with the deficit.European equities were mostly lower as investors eyed the situation in Greece. In deal news, Glencore International PLC, the giant commodities trader, and mining juggernaut Xstrata PLC agreed to a merger to create a sector-straddling giant with a combined market value of about $90 billion.The stream of corporate results is set to continue, with Coca-Cola Co. expected ahead of the opening bell to report fourth-quarter earnings of 78 cents a share on revenue of $11 billion, according to a consensus poll of analysts by Factset Research.Other shares likely to be in focus include NCR Corp., which after Monday's closing bell reported fourth-quarter earnings of 65 cents a share, excluding items, on revenue of $1.64 billion. Analysts had forecast earnings of 57 cents a share on $1.59 billion in revenue.Yum Brands Inc. late Monday reported earnings of $356 million, or 75 cents, in the fourth quarter as revenue rose to $4.11 billion.After finishing Friday at its highest level since May 2008 in the wake of a stronger-than-expected January jobs report, the Dow Jones Industrial Average�slipped 17.10 points on Monday to close at 12845.13. The S&P 500 lost 0.57 point to end at 1344.33 Monday, while the Nasdaq�lost 3.67 points to finish at 2901.99.Nymex crude oil futures �for March delivery fell 66 cents in electronic trade to $96.25 a barrel.The euro �was little changed versus the dollar at $1.3124, while the greenback rose 0.3% versus the Japanese currency�to fetch 76.77 yen. ...
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