Stock Futures Down as Market Shrugs Off Durable Orders Rebound
NEW YORK ( TheStreet) -- U.S. stock futures were lower Friday, signaling the S&P 500 may be poised for a third day of declines as investors shrugged off a rebound in durable-goods orders. Sentiment was subdued as the market ponders the possibility of a pullback in Federal Reserve stimulus and remained jittery about the state of China's economic strength.
Futures for the S&P 500 were falling 6 points, or 4.21 points below fair value, to 1,644. The index remains in positive territory for the week and the month.
"The Fed Chairman (Ben Bernanke) had made perfectly sensible comments, suggesting that liquidity would be withdrawn when the economy did not need it, but markets perhaps wanted an excuse to correct," noted Paul Donovan, the London-based global economist at UBS.
Futures for the Dow Jones Industrial Average were falling 28 points, or 10.5 points below fair value, to 15,261. Futures for the Nasdaq were behind by 11.5 points, or 9.45 points below fair value, to 2,980.75.
Abercrombie & Fitch
Chipmaker Marvell Technology
Procter & Gamble
Lafley will replace CEO Bob McDonald, effective immediately. McDonald, who will retire June 30 after a transition period, has been CEO since 2009. Lafley, who served as CEO of the company from 2000 to 2009, also was named chairman and president. Shares were rising 3.34% to $81.33.
The Census Bureau reported that durable-goods orders rose by a greater-than-expected 3.3% in April, after a 5.9% decrease in March. New orders have been up two of the last three months. Excluding the transportation factor, durable-goods orders increased by a better-than-forecast 1.3% after a 1.7% decline. Economists, on average, were expecting orders to rise 1.5% and the number excluding the transportation factor to increase 0.5%.
The Nikkei 225 in Japan finished up 0.89%, while the Hong Kong Hang Seng index settled down 0.25% to $83.59.