U.S. stock futures pointed to a solid open on Monday in reaction to Friday’s news of 162,000 jobs created in March. Crude prices rise on economic optimism. Apple shares down in pre-market trading despite strong iPad debut.
Market Preview
In overseas equity markets this morning, Japan's Nikkei 225 index rose 0.5 percent today while China's Shanghai and Hong Kong's Hang Seng markets were closed for a holiday.
The German DAX was up on Monday morning by 1.3 percent and Britain's Footsie 100 jumped 1.2 percent.
U.S. S&P index futures are up 0.4 percent in Monday's pre-market action.
Crude oil futures for May were trading higher at $85.40 a barrel this morning, and gold futures were marginally higher near $1,128 an ounce.
The U.S. dollar showed marginal gains against the euro this morning, slipping against the British pound in early Monday trading. Some Asian markets were on holiday for Monday including Australia, Shanghai, Hong Kong and Taipei.
The U.S. dollar index (DXY), which tracks the dollar's performance against a trade-weighted basket of six major currencies, dropped slightly to 81.25 around 8:20AM today, compared with 81.28 in late Friday trading.
Economic Preview
It will be a slow week for economic news this week with two reports of importance scheduled for release.
On Monday, the National Association of Realtors will release its Pending Home Sales index data for February at 10AM. Economists are expecting pending home sales declined by 1 percent during the month.
On Thursday, weekly jobless claims will be released. The consensus number is 436,000 for the week of March 27, roughly flat from the previous week.
On Tuesday, traders will also be looking for clues on the Federal Reserve Bank's thinking with the release of minutes from the Federal Open Market Committee meeting of March 16 meeting.
Apple Reportedly Beats Sales Forecast on iPad Launch
Shares of Apple (AAPL) are expected to jump this week after the debut of its iPad tablet on Saturday. Analysts are speculating the company sold more than twice as many iPads this weekend than analysts had forecast. Initial sales are believed to have reached 700,000 units. Apple shares were down 0.42 percent and trading at $234.97 a share at 8:45AM in pre-market action.
Earnings Preview
First quarter earnings are just around the corner, with Alcoa scheduled to report next Monday, April 12. Profits in the first quarter are projected to grow 36 percent in the first quarter, led by the financials and materials sectors.
This week's earnings reports will be light.
Retailer Bed Bath & Beyond (BBBY) will report earnings on Wednesday. Analysts are expecting fiscal fourth-quarter profits of 73 cents per share.
Family Dollar Stores (FDO) will also report profits on Wednesday for the three months ending in February. The consensus estimate is 78 cents per share
Also on Wednesday, agricultural giant Monsanto (MON) is expected to announce $1.73 per share in quarterly earnings.
On Thursday, Texas-based Pier 1 Imports (PIR) is scheduled to report quarterly earnings of 31 cents per share, compared to a loss of 33 cents per share in the same quarter one year ago.
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