U.S. stock futures trimmed losses on Monday as retail sales for April unexpectedly rose, though investors still fretted over the Fed's exit strategy for the bond-buying program, while China data also weighed.
Futures on the three main U.S. market indexes were down around 0.2%, after benchmark indexes climbed on Friday, with the S&P 500 index closing at an all-time high of 1,632.69 last week as positive economic data and corporate earnings have bolstered sentiment.
In the U.S., traders were worried after a report in the Wall Street Journal late Friday suggested the Fed has mapped out a plan to exit its bond-buying program sooner than expected, though there is still debate as to when the exit will start.
Retail sales in April meanwhile climbed 0.1%, compared to expectations for a decline of 0.3%. In March, retail sales fell 0.5%. Less autos and gas, April retail sales rose 0.6%.
Business inventories data for March is due at 10 a.m. Eastern.
U.S. markets and European stocks were also weighed down by China data, which showed industrial production in the country in April rose 9.3%, better month-on-month, but below analysts' expectations. Retail sales in April meanwhile rose 12.8% in China, slower than the same time last year. Mining firms in Europe were hurt by the news, as China is a major consumer of commodities.
In corporate news, the U.S. earnings season is winding down, though there are still a few major industry names headlining this week, including retailers Macy's (NYSE:M), Wal-Mart (NYSE:WMT) and J.C. Penney (NYSE:JCP), as well as networking firm Cisco Systems (NASDAQ:CSCO).
After the bell on Monday, Post Holdings (NYSE:POST) is expected to report second-quarter earnings of 27 cents a share, according to a consensus survey by FactSet, while Take-Two Interactive Software (NASDAQ:TTWO) is anticipated to post fourth-quarter earnings of 23 cents a share.
Of the 451 S&P 500 companies that have reported earnings to date for the quarter, 70% have reported earnings above estimates, according to FactSet data, in-line with the average recorded over the past four quarters. Yet only 48% of companies have reported sales above estimates, below the average of 52% recorded over the past four quarters.
In other news, Bloomberg was trending on several reports over the weekend that certain reporters at the news organization have been trained to use a function on the company's terminals that allow them to monitor login activity, in particular with investment banks like Goldman Sachs (NYSE:GS) and J.P. Morgan (NYSE:JPM).
Dell (NADAQ:Dell) was also in focus after the company requested more information Monday from Carl Icahn and Southeastern Asset Management regarding an alternative offer they proposed last week to CEO and founder Michael Dell's offer to take the company private. Shares edged down 0.3% premarket.
*Commodities *
Crude oil for June delivery lost 40 cents to $95.64 a barrel, while gold futures fell $4.80 to $1,431.80 an ounce.
*Europe*
Aside from the China data, markets in Europe were also taken down by financials, with shares in Germany off the most. The DAX was down 0.35% while Britain's FTSE 100 was off 0.20% and France's CAC 40 fell by 0.15%. Reported by Proactive Investors 1 hour ago.
Futures on the three main U.S. market indexes were down around 0.2%, after benchmark indexes climbed on Friday, with the S&P 500 index closing at an all-time high of 1,632.69 last week as positive economic data and corporate earnings have bolstered sentiment.
In the U.S., traders were worried after a report in the Wall Street Journal late Friday suggested the Fed has mapped out a plan to exit its bond-buying program sooner than expected, though there is still debate as to when the exit will start.
Retail sales in April meanwhile climbed 0.1%, compared to expectations for a decline of 0.3%. In March, retail sales fell 0.5%. Less autos and gas, April retail sales rose 0.6%.
Business inventories data for March is due at 10 a.m. Eastern.
U.S. markets and European stocks were also weighed down by China data, which showed industrial production in the country in April rose 9.3%, better month-on-month, but below analysts' expectations. Retail sales in April meanwhile rose 12.8% in China, slower than the same time last year. Mining firms in Europe were hurt by the news, as China is a major consumer of commodities.
In corporate news, the U.S. earnings season is winding down, though there are still a few major industry names headlining this week, including retailers Macy's (NYSE:M), Wal-Mart (NYSE:WMT) and J.C. Penney (NYSE:JCP), as well as networking firm Cisco Systems (NASDAQ:CSCO).
After the bell on Monday, Post Holdings (NYSE:POST) is expected to report second-quarter earnings of 27 cents a share, according to a consensus survey by FactSet, while Take-Two Interactive Software (NASDAQ:TTWO) is anticipated to post fourth-quarter earnings of 23 cents a share.
Of the 451 S&P 500 companies that have reported earnings to date for the quarter, 70% have reported earnings above estimates, according to FactSet data, in-line with the average recorded over the past four quarters. Yet only 48% of companies have reported sales above estimates, below the average of 52% recorded over the past four quarters.
In other news, Bloomberg was trending on several reports over the weekend that certain reporters at the news organization have been trained to use a function on the company's terminals that allow them to monitor login activity, in particular with investment banks like Goldman Sachs (NYSE:GS) and J.P. Morgan (NYSE:JPM).
Dell (NADAQ:Dell) was also in focus after the company requested more information Monday from Carl Icahn and Southeastern Asset Management regarding an alternative offer they proposed last week to CEO and founder Michael Dell's offer to take the company private. Shares edged down 0.3% premarket.
*Commodities *
Crude oil for June delivery lost 40 cents to $95.64 a barrel, while gold futures fell $4.80 to $1,431.80 an ounce.
*Europe*
Aside from the China data, markets in Europe were also taken down by financials, with shares in Germany off the most. The DAX was down 0.35% while Britain's FTSE 100 was off 0.20% and France's CAC 40 fell by 0.15%. Reported by Proactive Investors 1 hour ago.