Stock futures are down slightly following Friday's gains as investors have no economic data to digest this morning.
(INDEXDJX:.DJI) futures were down 0.08% at 15,303. S&P 500
(INDEXSP:.INX) futures slipped 0.09% to 1,661.50. Nasdaq
(INDEXNASDAQ:.IXIC) futures fell 0.16% to 3,018. The US economic calendar is quiet until Wednesday, when we get existing home sales data and the latest minutes from the Federal Reserve Open Market Committee.
Overseas markets also reached records. Germany's DAX
(INDEXDB:DAX) led Europe, rising 0.35% to a record high. Japan's Nikkei
(INDEXNIKKEI:.NI225) gained 1.5% on economic optimism and a weakening yen. The stock index is up 48% year-to-date, with exporters that benefit from a cheap currency leading the way. The government raised its expectations for economic growth this year.
Chinese home prices increased at a slower pace in April. Of the 70 cities surveyed, 67 reported price increases from March.
Over the weekend, Yahoo
(NASDAQ:YHOO) closed the acquisition of Tumblr
, a six-year-old blogging network, for $1.1 billion. The deal was 100% cash. Shares of the Internet media company rose 0.53% in the pre-market. Since the start of the year, the company has advanced over 33%. JPMorgan Chase
(NYSE:JPM) analyst Doug Anmuth wrote
that the deal was a positive step for Yahoo.
Campbell's Soup Co.
(NYSE:CPB) reported profits of $181 million, or $0.57 per share in its third fiscal quarter, up from $0.55 a year earlier as the company works to expand its offerings to serve customers' changing tastes as well as expand overseas.
(NASDAQ:RYAAY), Europe's biggest discount airline, saw profit increase 13% over the first three months of the year.
(NYSE:P) shares rose 2.68% to $16.49 after Barclay's recommended it as equal weight, up from underweight. The analysts noted that Pandora is successfully improving its monetization of mobile users.
In a commencement speech at Simon Rock, a small college in Massachusetts, Fed Chairman Ben Bernanke made the case for optimism thanks to technology and worker productivity.
"Invention was once the province of the isolated scientist or tinkerer. The transmission of new ideas and the adaptation of the best new insights to commercial uses were slow and erratic. But all of that is changing radically. We live on a planet that is becoming richer and more populous, and in which not only the most advanced economies but also large emerging market nations like China and India increasingly see their economic futures as tied to technological innovation," the Chairman said.
No positions in stocks mentioned.
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