MARKET TALK: Stock Futures Not Moving Much On Data
Edited by Thomas Granahan
Of DOW JONES NEWSWIRES
(Call Us: 201 938-5299; All Times Eastern)
MARKET TALK can be found using code N/DJMT
8:42 (Dow Jones) Having had about 10 minutes to digest data, stock futures
don't look much different than they did before numbers. Basically flat, with
eyes now focused on consumer sentiment, at 10:00 a.m. ET. June S&Ps up 2
points, Dow futures up 15, and Nasdaq up 5. (TG)
8:39 (Dow Jones) EUR/USD was a bit firmer following a modest increase in PPI
and a sharp rise in retail sales data. The numbers were seen as unlikely to
push the dollar out of current ranges. USD/JPY is at Y122.17; EUR/USD at
$0.8790. (JRH)
8:37 (Dow Jones) Increase in total sales suggests autos actually contributed
to gain in retail sales. Non-auto retail sales up 0.7%, which itself is a
strong increase. The downward revision to March may take away some growth
from the 1Q, but the solid numbers for April give a robust start to consumer
spending in 2Q.
8:30 (Dow Jones) It's another one of those potentially important Friday's
for stocks. Vital readings coming on April prices at the wholesale level,
retail sales and, maybe the most important, a barometer of consumer
sentiment. The consumer-driven retail sales are obviously key, but don't
shortchange that PPI reading. Without question the Fed is fixated solely on
avoiding a recession now, but an increasing number of economists are talking
of the hangover that is likely to result later on this year and into next as
a result of the dramatic rate cuts we've already seen. If the core rate of
PPI is well above the 0.1% increase expected, it could be just a bit
worrisome. Notable story in Business Week has Merck (MRK) offering to buy
Schering-Plough (SGP) for $91 billion in stock. Novartis (NVS) gets FDA OK
for leukemia drug, and IBM sounds positive at analyst meeting Thursday
afternoon. Stock futures flat, as are Tsys. (TG)
(END) DOW JONES NEWS 05-11-01
08:43 AM
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