MARKET SNAPSHOT: U.S. Stocks Set To Give Back Part Of Last Week's Gain
By Victor Reklaitis, MarketWatch
Remarks from Chicago Fed President Charles Evans on tap
U.S. stock futures on Monday pointed to a dip at the open, as investors waited to hear from a Federal Reserve official for more inspiration after last week's interest rate hike.
Chicago Fed President Charles Evans will appear in a television interview and then speak in New York later in the day.
S&P 500 futures fell by 2.70 points, or 0.1%, to 2,372.50, while Dow Jones Industrial Average futures dropped by 5 points, or less than 0.1%, to 20,858.00. Nasdaq-100 futures shed 0.50 point to 5,408.00.
Last week, the S&P 500 gained 0.2% , the Dow rose fractionally, and the Nasdaq Composite tacked on 0.7%. The S&P and Dow finished 0.7% and 1% below their March 1 record closes, respectively, while the Nasdaq ended less than 0.1% below its all-time closing high, hit as the month began.
This week brings a heavy lineup of Fed speakers. After the central bank's decision to resume interest rate increases, their comments could dictate the direction of stocks. But nothing they say would trigger a major selloff that could be construed as a buying opportunity, according to Robert Pavlik , chief market strategist at Boston Private Wealth.
Other markets: Oil futures fell on Monday, as some analysts blamed the drop on global growth worries after G-20 officials removed anti-protectionist language from a policy statement.
European equities lost ground, while Asian markets were mixed. Gold futures stepped higher, and a key dollar index edged lower.
Economic news: Chicago's Evans gets the week of Fed speakers started with an interview on the Fox Business cable channel at 8:30 a.m. Eastern Time. He is then slated to talk about the U.S. economy at the New York Association of Business Economics at 1:10 p.m. Eastern.
A February reading from the Chicago Fed National Activity Index is also due at 8:30 a.m. Eastern.
Stock movers: The U.S.-listed shares for Deutsche Bank AG(>> Deutsche Bank AG) (>> Deutsche Bank AG) traded 2.5% lower ahead of the open in New York after the German lender issued new shares to raise nearly $9 billion. The bank also indicated that it slashed bonuses paid to staff by 80% last year after suffering its second consecutive full-year loss.
Sprouts Farmers Market Inc.(>> Sprouts Farmers Market Inc) jumped 8% premarket following reports (http://www.reuters.com/article/us-albertsons-cos-sprouts-idUSKBN16Q0XG) that supermarket operator Albertsons Companies Inc. held preliminary merger talks with the organic grocery chain. Whole Foods Market Inc.(>> Whole Foods Market, Inc.) rose 3%.
Movado Group Inc.'s stock (>> Movado Group, Inc) initially fell but then turned higher after the watchmaker reported quarterly results that missed expectations and announced plans to cut jobs.