Stock Futures Flat as JPMorgan Investigation Unfolds
NEW YORK ( TheStreet) -- Stock futures were little changed Monday as investors remained cautious after last week's selloff and awaited more hints into the Federal Reserve's stimulus scale-back plans.
Futures for the S&P 500 were down 1.75 points, or 4.03 points below fair value, to 1,649.25. Futures for the Dow Jones Industrial Average were off 9 points, or 24.47 points below fair value, to 15,029. Futures for the Nasdaq were up 1.25 points, or 1.86 points below fair value, to 3,071.
Major U.S. stock markets slipped Friday to post back-to-back weekly declines as some encouraging economic indicators were outweighed by the possibility that the Federal Reserve will begin to curb its stimulus program before the end of the year.
"Short-term correction down to S&P 1628-30 looks to be underway given last week's break in the September futures below late July lows at 1670," said Mark Newton, chief technical analyst at Greywolf Execution Partners, in a note. "Although there are beginning signs of positive divergence on hourly charts now on the S&P, it still appears early to buy dips."
The U.S. economic calendar is empty Monday. Investors this week were awaiting the release of the Federal Open Market Committee minutes Wednesday from its July meeting for more guidance into the pace of and when Fed tapering will begin. Clues will also be sought from any developments out of the Aug. 22-24 meeting of central bank officials in Jackson Hole, Wyo.
In other corporate news, Edwards Group