US Stock Futures Reflect Cautious Investor Mood
US stock futures edged lower today as the US dollar strengthened, creating pressure on commodity prices. The markets were also jittery, as caution dominated sentiment on the anniversary of the beginning of the stock market's rebound from its 12-year low last year. Over the past year, the Dow has rallied about 62%.
While futures on the Dow Jones Industrial Average declined by 32 points to 10506, those on the S&P 500 lost five points to 1132.1. Meanwhile, teh Nasdaq 100 futures shed 5.75 to 1882.5.
Although the day would be devoid of any economic data, something that investors can look forward to is the speech by Chicago Fed President Charles Evans on the economic outlook.
Technology shares will be the flavor of the day today. Texas Instruments Inc (NYSE: TXN) has raised its quarterly earnings and revenue forecast and said that it has been struggling to fill orders due to increased demand for chips. Meanwhile, Cisco Systems (NASDAQ: CSCO) is set to announce the product/service which, according to the company, "will forever change the Internet." Analysts expect the product/service to be a new networking technology for wireless carriers.
Meanwhile, European stocks have slipped 0.7% in morning trade, as declines in financial and mining stocks outweighed strength in food producers, such as Nestle, Unilever and Danone.
