Futures Drift Lower in Quiet Week
Futures indicated a slightly lower open for the U.S. stock market on Tuesday amongst mixed reports from corporates on earnings, outlook and employment and ahead of the Veterans Day.
Wall Street has regained its positive momentum, with the Dow chalking up its second 200-plus point gain in three sessions Monday and the major averages all up two percent or more.
The Dow's Monday close was its highest since October 3, 2008. If that momentum is to be waylaid, it won't be by economic numbers.
There are no major releases on the calendar for a second consecutive day, a streak that will be continued Wednesday as the agenda lightens for Veterans Day.
We will, however, see the National Federation of Independent Business issue its monthly survey of small business sentiment at 7:30 am New York time.
Though there's a dearth of economic releases, the same is certainly not true of appearances by Federal Reserve officials.
Atlanta Fed President Dennis Lockhart is first up at 9:15 am New York time, when he gives an economic address at the Urban Land Institute conference in Atlanta.
San Francisco Fed President Janet Yellen also speaks on the economy at 10 am New York time, when she appears at the Lambda Alpha International conference in Phoenix.
Fed Governor Daniel Tarullo will address financial regulatory reform at a New York bankers conference at 3:30 pm New York time, and Dallas Fed President Richard Fisher speaks on the economy at 7:30 pm at an appearance in Austin, TX.
The Treasury will auction $25 billion in 10-year notes, with the results available shortly after 1 pm New York time. That follows a strong 3-year note auction Monday, though traders say the 10-year is the one that will be watched most closely.
Videogame maker Electronic Arts is a stock to watch, as it posted a wider quarterly loss and announces it will cut about 1,500 jobs, representing about 17 percent of its workforce.
We'll also watch shares of Oracle and Sun Microsystems , with the U.S. Department of Justice saying it does not agree with European Union objections to Oracle's proposed purchase of Sun.
The earnings calendar is light, but does include reports by Tyco , Beazer Homes , and Intercontinental Hotels .
— Peter Schacknow, Senior Producer, CNBC Breaking News Desk