Futures Mixed as EU Developments Tracked
Futures pointed to a mixed open Monday following the resignation at the weekend of Italian Prime Minister Silvio Berlusconi and the swearing in of former European Commissioner Mario Monti as Italian premier.
Monti is a former economics professor and served in the European Commission from 1995 to 2004. In Italy he is known as "Super Mario"—a reference to the computer game character in recognition of his financial acumen.
He is expected to form a government of technocrats—non-politicians—charged with implementing austerity reforms until elections in 2013.
Also, an auction of Italian 5-year bonds put a damper on U.S. futures, as the country paid a record yield of 6.29 percent on the bonds.
In Greece, new Prime Minister Lucas Papademos—a former central banker who oversaw his country's entry to the euro zone in 2002—will have to win Wednesday's confidence vote in his cabinet before meeting euro zone finance ministers in Brussels on Thursday, state television reported.
Caterpillar gained after the heavy equipment maker said it will invest nearly $640 million to increase capacity for large mining trucks and tractors at two facilities in the U.S. Meanwhile, Goldman Sachs added the firm to its "conviction buy" list.
Fellow Dow component Bank of America said it reached an agreement to sell about 10.4 billion common shares of China Construction Bank through private transactions with a group of investors, which is expected to generate about $6.6 billion in cash proceeds and an after-tax gain of about $1.8 billion.
IBM rose after billionaire investor Warren Buffett told CNBC that his firm, Berkshire Hathaway, has purchased $10.7 billion worth of the tech giant's stock this year.
JCPenney slipped after the clothing retailer posted a loss after same-store sales and gross margin shrank. The firm also expects same-store sales for the holiday quarter to be flat.
Lowe's edged higher after the home-improvement firm
Urban Outfitters is scheduled to post earnings after-the-bell tonight.
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On Tap This Week:
MONDAY: MF Global bankruptcy proceedings, 13-F filings due; Earnings from Urban Outfitters
TUESDAY: Fed's Bullard speaks, Fed's Evans speaks, PPI, retail sales, Empire state mfg survey, Fed's Williams speaks, business inventories, Fed's Lacker speaks, Fed's Fisher speaks, Amazon's tablet ships, credit card default rates reported; Earnings from Home Depot, Wal-Mart, Staples, TJX, Beazer Homes, Dell
WEDNESDAY: Weekly mortgage apps, CPI, industrial production, housing market index, oil inventories, Fed's Lacker speaks, Fed's Rosengren speaks, LA auto show; Earnings from Abercrombie & Fitch, Target, Applied Materials, Limited Brands, NetApp
THURSDAY: Housing starts, jobless claims, Philadelphia Fed survey, Fed's Pianalto speaks, Motorola Mobility votes on Google acquisition, GM IPO 1-year anniversary; Earnings from Dollar Tree, GameStop, Ross Stores, Sears, Gap, Marvell Tech
FRIDAY: Leading indicators; Earnings from Heinz
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