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Drop in consumer confidence drags down stock futures.
Jud Pyle is the Chief Investment Strategist for Options News Network. After four years with SBC Warburg, he joined PEAK6 Investments as an equity options trader and chief risk officer. S&P futures are currently down 5.5 points to 970.5, suggesting that the market might take a breather going into trading today. The S&P closed last night at 979.62. Fair value basis is negative 3.11, so fair value of the futures is roughly 976.51. Overnight range was 964 to 976.
Time Warner (TWX) and Sprint Nextel (S) are the big earnings stories so far. TWX reported a 34% profit drop in the second quarter and posted earnings per share of 43 cents compared to analyst expectations of 37 cents a share. S announced an earnings per shares loss of 14 cents. The Street expected the company to post a 4-cent loss in EPS.
In other market news, updates on durable goods are due at 8:30 a.m., the EIA Petroleum Status report is due at 10:30 a.m. and the Beige Book comes out at 2 p.m. The Street expects to see a drop in durable goods orders in June. Tune into ONN.tv’s Options News for an update on the market from Kevin Cook.
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