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FED to emerge at 2:15 Eastern, General Mills top estimates
Beth Gaston Moon is the Senior Editor for the Options News Network. Beth was a member of the research department at Schaeffer's Investment Research for more than a decade. Stock futures have edged up nearly 2.2 points today to 1,069, suggesting a slightly higher open for the broader market. The S&P 500 closed Tuesday night at 1,071.66, up two-thirds of a percent. Fair value basis is negative 4.56, so fair value of the futures is roughly 1,067.1. Stock futures saw an overnight range of 1,064.0 to 1,070.5.
International markets are mixed; European indexes are up about half a percent but the Hong Kong Hang Seng closed off 0.7 percent. All eyes will be on Ben Bernanke and the rest of the Federal Open Market Committee (FOMC) today, as they emerge from their scheduled meeting at 2:15 EST with the latest rate decision and commentary.
The FED is expected to keep rates steady for some time, but the accompanying statement will be dissected for clues regarding continued buybacks of $1.25 trillion worth of mortgage-backed securities.
In earnings news, General Mills (GIS) said first-quarter earnings rose 51% to $1.25 per share. Excluding items, the cereal company earned $1.28 per share, easily trumping analysts’ estimates of $1.02 per share. The equity is up 4.4% in pre-market trading.
Stay tuned to www.ONN.tv for continued market updates for this morning.
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