💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

US STOCKS-Futures flat ahead of Fed, retail data

Published 12/14/2010, 07:41 AM
Updated 12/14/2010, 07:44 AM

* Fed seen keeping rates unchanged, assessing bond-buying

* Nov retail sales data on tap

* Futures: S&P up 2.8 pts, Dow off 3 pts, Nasdaq up 4.25

By Angela Moon

NEW YORK, Dec 14 (Reuters) - U.S. stock index futures were little changed on Tuesday as investors awaited the Federal Reserve's assessment of the economy.

* The Fed is expected to leave interest rates unchanged and evaluate its recent massive bond-buying program to support the economy. The announcement is due at about 2:15 p.m. EST.

* Also, Fed officials will likely revise their economic outlook to reflect stronger growth after the White House and congressional Republicans agreed to extend tax breaks and provide a payroll tax cut, effectively delivering fresh stimulus.

* Economic indicators on tap include November producer prices and November retail sales at 8:30 a.m. EST. Economists in a Reuters survey expect a 0.2 percent gain in core U.S. producer prices, and a 0.6 percent increase in retail sales.

* The dollar hovered near a December low against the euro, although the single currency could struggle to extend its gains after its jump on Monday triggered a wave of stop-loss buying and forced traders to lighten their euro short/dollar long positions ahead of the Fed meeting.

* S&P 500 futures rose 2.8 points and were slightly above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures slipped 3 points, while Nasdaq 100 futures added 4.25 points.

* The European Central Bank is considering requesting an increase its capital to help cope with the rising costs of fighting the debt crisis, sources told Reuters.

* HCP Inc, a healthcare real estate investment trust, will buy most of the real estate assets of privately held nursing and assisted living firm HCR ManorCare Inc from Carlyle Group. The stock was down 0.8 percent at $32.25 in premarket trade.

* Yahoo Inc plans to lay off more than 600 employees, sources said.

* Drugmaker Pfizer Inc named board member George Lorch as nonexecutive chairman, a week after its chairman and chief executive abruptly departed.

* Best Buy Co is the only S&P 500 company scheduled to report quarterly results on Tuesday.

* The Nasdaq ended eight straight winning sessions on Monday as large-cap technology stocks slid in a late-day selloff.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.