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MW: Stock futures flat ahead of Citigroup, retail sales
 
Ukraine tensions also drive investors away from equities
By Barbara Kollmeyer, MarketWatch
MADRID (MarketWatch)—Stock futures traded choppy on Monday, but near the flat line in the wake of last week’s heavy selling, as investors nervously looked ahead to earnings from Citigroup Inc. and retail sales.

Increased tensions out of Ukraine and Russia added another layer of tension to markets, pushing investors away from stocks throughout the morning, and toward gold and the dollar.

Paring earlier losses, though, futures for the S&P 500 index SPM4 +0.15% eased 0.3 point to 1,811.30, while those for the Dow Jones Industrial Average DJM4 -0.18% fell 3 points to 15,978. Futures for the Nasdaq-100 index NDM4 +0.13% slipped 3.25 points to 3,440.75.

Citigroup C +2.50% will report first-quarter results ahead of the bell, and analysts surveyed by FactSet are expecting the investment bank to report net income of $3.56 billion, or $1.14 earnings per share. That’s compared with net income of $3.8 billion, or $1.29 earnings per share, in the year-earlier period. Read Citigroup earnings: here’s what investors can expect

• Need to Know: Critical intelligence before the U.S. markets open
“With the growth outlook a clear issue for investors, they will look to corporate earnings for some confidence,” said Joao Monteiro, analyst at Valutrades, in a note. “The results of Citigroup will therefore be scrutinized closely, particularly after the dour numbers from J.P. Morgan last week.” A bigger 10%-15% correction is coming this autumn: Bank of America Merrill Lynch

A disappointing set of results from J.P. Morgan Chase & Co. JPM +0.87% helped wipe 1% off the S&P 500 index SPX -0.95% on Friday. Overall market losses were also driven by an extended selloff in technology stocks on that pushed the Nasdaq Composite COMP -1.34% below 4,000. The Nasdaq also suffered its worst weekly percentage drop — 3.1% — since June 2012.

“With the growth outlook a clear issue for investors, they will look to corporate earnings for some confidence,” said Joao Monteiro, analyst at Valutrades. “The results of Citigroup will therefore be scrutinized closely, particularly after the dour numbers from JP Morgan last week.”

Retail sales will also be a focal point for investors ahead of the open. The data, due at 8:30 a.m. Eastern Time, is expected to show consumers spent more in March. Forecasters are calling for a 0.9% rise, compared with a 0.3% gain in February and declines in January and February. The main question is whether that March spending can be sustained.

Business inventories for February will be released at 10 a.m. Eastern Time.

Negative headlines out of Ukraine were keeping a lid on equities for Monday, strategists noted. The Ukrainian government over the weekend gave pro-Russian separatists in eastern Ukraine a Monday morning deadline, which has now passed, to disarm or face military action. That tension was keeping gold GCM4 +0.24% elevated, as well as the dollar DXY +0.30% . Russia’s blue-chip MICEX index XX:MCX -0.39% was off 1.6%. Ukraine mobilizes as pro-Russian forces extend grip

European stocks XX:SXXP -0.46% also pushed lower, though shares of Glencore Xstrata PLC UK:GLEN +0.71% rose 1% after the company’s $5.8 billion sale of a Peruvian copper project to a Chinese consortium. Asian stocks failed to get any traction after Wall Street’s losses last week and with investors wary ahead of a batch of Chinese data due Wednesday.

Outside of Citigroup, shares of Herbalife Ltd. HLF +3.42% could be in the spotlight after The Wall Street Journal said the Federal of Bureau of Investigation and U.S. prosecutors in Manhattan are investigating the company, citing a person briefed on the matter. Herbalife, Citigroup, M&T Bank are stocks to watch

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