Stock Futures Cautious Even as Apple Gains, Berkshire Advances
NEW YORK ( TheStreet) -- Stock futures were little changed Monday after major U.S. equity averages finished at record highs Friday and as investors appeared cautious about putting more money into a record market ahead of a series of Federal Reserve Bank president speeches throughout the week that will be scrutinized for details about a possible schedule for stimulus tapering.
Futures for the S&P 500 were down 1.75 points, or 2.57 points below fair value, to 1,702.25. Futures for the Dow Jones Industrial Average were off 14 points, or 19.36 points below fair value, to 15,576.
Both the Dow and S&P hit record closing highs Friday despite a weaker-than-expected July employment report amid speculation that the Fed may not begin cutting-back on its stimulus program after the Fed's September meeting. As a result, benchmark 10-year Treasury soared with the yield falling from two-year highs.
Futures for the Nasdaq were down 0.5 points, or 1.22 points below fair value, to 3,135.5.
At 10 a.m. EDT, the Institute for Supply Management's non-manufacturing Index is expected by economists to show an improvement in services sector conditions, with a rise to 53 for July from a drop to 52.2 in June.
Dallas Federal Reserve Bank President Richard Fisher will speak on the economy in Portland, Ore., at 11:45 a.m.. A number of other Fed officials are also scheduled to give speeches throughout the week, including Chicago Fed President Charles Evans on Tuesday as well as Philadelphia Fed President Charles Plosser and Cleveland Fed President Sandra Pianalto on Wednesday.
A number of other stocks were also in focus on Monday.
Warren Buffett's Berkshire Hathaway
Three million Time Warner Cable
The benchmark 10-year Treasury was shedding 5/32, raising the yield to 2.621%. The dollar was falling 0.13% to $81.80 according to the U.S. dollar index .