Futures Turn Flat After Durable Goods News
U.S. stock index futures turned flat after durable goods orders rose less than expected, but still struggled to hold gains after more dovish talk from Federal Reserve Chairman Ben Bernanke.
On the economic front, durable goods orders rose less than expectedat 2.2 percent in February, while future business investment also missed forecasts, according to the Commerce Department. Economists polled by Reuters had expected orders climbing 3.0 percent.
Fed Chairman Ben Bernanke was on ABC News Tuesday evening, a day after his speech to a group of economists reversed the view of some traders that an improving economy makes it less likely that the Fed will engage in another round of quantitative easing.
Capital One gained after Bernstein and Citigroup boosted their price target on the credit-card provider. However, Citigroup removed the firm from its "top picks" list.
Nokia climbed after the struggling cellphone company launched its first smartphone in China, which will be supported by one of the country's three major state-owned carriers.
Family Dollar Stores edged higher after the dollar-store chain posted better-than-expected earnings, thanks to strong sales during the holiday season.
Pentair surged after the water treatment maker agreed to merge with Tyco International's pipes and valves unit, valuing the business at nearly $4.5 billion.
Organic food company Annie’s sold 5 million shares of its initial public offering at $19 a share, above the expected range of $16 to $18. It will begin trading this morning on the New York Stock Exchange.
Weekly mortgage applications gained last week, while refinancing demand fell for a sixth-straight week as interest rates climbed, according to the Mortgage Bankers Association.
The Treasury will auction $35 billion in 5-year notes, with the results of the sale available shortly after 1 p.m.
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Coming Up This Week:
WEDNESDAY: Oil inventories, 5-yr note auction, Fed's Bullard speaks, FDA discusses obesity drugs
THURSDAY: GDP, jobless claims, corporate profits, Fed's Plosser speaks, 7-yr note auction, farm prices, Fed's Lacker speaks; Earnings from Best Buy, Research In Motion
FRIDAY: Personal income & outlays, Chicago PMI, consumer sentiment, Stringer's last day as Sony CEO
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