Futures Fall After Health Care Bill Passes
U.S. stock index futures fell Monday as Wall Street focused on the health care reform following the passage of the historic health care bill by the House of Representatives late Sunday night.
Investors will be watching that sector closely, but at least one prominent fund manager thinks health care stocks will now be outperformers. Legg Mason's Bill Miller says the removal of uncertainty over the bill's fate will help spur those shares forward.
European shares were in the red with pharmaceutical stocks falling in the wake of the U.S. health care bill. Asian indexes were mostly lower at their close as concerns over Greece dampened investor sentiment.
Overall, Wall Street's major averages are coming off their third straight week of gains despite modest losses on Friday. Now that the health care reform bill has been voted upon, investor attention may turn on another subject hitting close to home: financial regulation reform, as that effort moves back into the Capitol Hill spotlight this week.
No major economic numbers are on the calendar Monday morning. But there are two retail earnings reports of note, with the latest quarterly results coming from household products seller Williams-Sonoma and high-end retailer Tiffany .
Overseas, investors continue to focus be on Greece's debt situation, with EU ministers set to meet this week. The euro has slipped to a three-week low amid concern about Greece, and the firming of the dollar is putting downward pressure on oil prices in pre-market trading.
St. Louis Fed President James Bullard will be a guest on CNBC's Squawk Box at 8 am New York time. Bullard is one of two Fed speakers with public comments Monday, the other being Atlanta Fed President Dennis Lockhart, who will deliver a speech in Naples, Florida at 3:45 pm.
The Lundberg Letter reports the average retail price of gasoline in the U.S. rose 8.62 cents to $2.81 per gallon over the past two weeks, as retailers raised their profit margins. It was the second consecutive two-week period that saw an increase.
- Written by Peter Schacknow, Senior Producer, CNBC Breaking News Desk.