Stock Futures Even as McDonald's Slump Follows Record Market Highs
NEW YORK ( TheStreet) -- Stock futures were trading sideways Monday following run-ups to record highs last week as McDonald's
Futures for the S&P 500 were down 0.75 points, or 1.86 points above fair value, to 1,688.75. Futures for the Dow Jones Industrial Average were falling 18 points, or 6.26 points above fair value, to 15,488. Futures for the Nasdaq were up 1.5 points, or 4.07 points above fair value, to 3,042.25.
"We continue to see an upward bias for the equity markets in spite of the some of the headlines marking headwinds," Matt Lloyd, chief investment strategist at Advisors Asset Management in Colorado said in an emailed comment.
Lloyd emphasized that it's important not to confuse "hiccups for heart attacks" as "we constantly search for the next black swan to justify investors anxieties." He noted that the Federal Reserve will continue its accommodation for some time as market rates show the anxiety the markets have about the removal of such stimulus.
The National Association of Realtors is expected at 10 a.m. EDT to report that existing-home sales increased to a seasonally adjusted annual rate of 5.25 million in June from a pace of 5.18 million in May.
Tech earnings remain in full force this week with Apple
This week, 157 S&P 500 companies are expected to report second quarter earnings.
Thomson Reuters reports that so far, of the 91 companies in the S&P 500 that have reported earnings to date for the second quarter, 65% have reported earnings above analyst expectations; this is higher than the long-term average of 63% and below the average over the past four quarters of 67%. Meanwhile 49% of companies have reported second quarter revenue above analyst expectations, which is lower than the long-term average of 61% and higher than the average over the past four quarters of 48%.