US Stock Futures Flattish As Investors Await Housing Data
US stock index futures were little changed today ahead of the release of the new home sales data. Investors are focusing on the ongoing earnings season as the European bank stress-test results are out and have ceased to distract traders. While futures on the S&P 500 lost 2 points to 1,099, those on the Nasdaq 100 are down 3.25 to 1871. Meanwhile, Dow Jones Industrial Average futures slipped 9 points to 10,377.
Mike Lenhoff, chief strategist at Brewin Dolphin Securities, said, “As far as the U.S. is concerned, the key thing is still the earnings… By the end of the week, two thirds of the S&P 500 would have reported. The results should be quite good… The concerns people have had about loss of recovery momentum haven't been evident in these earnings."
Investors are awaiting the release of the new home sales data by the US Commerce Department for June today. The new home sales are expected to touch 320,000 annualized units in the month, as compared to 300,000 in May.
On the corporate front, pharmaceutical stocks will be in focus today after The Wall Street Journal indicated that GlaxoSmithKline Plc (NYSE: GSK) made "a very casual approach" to Genzyme Corp (NASDAQ: GENZ). However, Reuters has quoted industry insiders and analysts as saying that GSK’s chief executive is unlikely to pursue the deal.
BP PLC (NYSE: BP) will also remain in focus today as the British oil giant is likely to replace its chief executive Tony Hayward within the next 24 hours.
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