Stock Futures Rise As European Anxiety Eases

Stock Futures Rise As European Anxiety Eases
News
Like Us On Facebook
Like Us On Facebook

U.S. stock futures followed the European markets higher Tuesday as Spanish yields, though still at elevated levels, eased after finance ministers reached an agreement on supporting Spain’s troubled banks.

Futures for the Dow Jones Industrial Average were rising 35 points, or 46.71 points above fair value, at 12,720. Futures for the S&P 500 were up by 2.3 points, or 4.14 points above fair value, at 1352. Futures for the Nasdaq 100 were up 6.5 points, or 8.09 points above fair value, at 2613.

“The Euro group has agreed to give Spain €30 billion, because you never know when €30billion might not come in handy,” noted Paul Donovan, global economist at UBS. “The route for the cash matters. Does Spain end up with the debt on its balance sheet, or is cash passed straight to the banks (retrospectively – initially the money is a government liability)?”

Italian yields were also falling while remaining at high levels amid some expectations that Germany’s top court will approve plans to try to more easily disburse eurozone rescue funds.

“The market is behaving like it is nervously expecting a big event,” said Jeff Kleintop, chief market strategist for LPL Financial. “The stock market has been jumpy with frequent reversals in direction.”

In other European news, the Office for National Statistics said that U.K. factory output increased 1.2% in May.

The FTSE in London was rising 0.85% and the DAX in Germany was up 1.3%. Hong Kong’s Hang Seng Stock index finished down 0.16% and the Nikkei in Japan closed lower by 0.44% after China reported weak trade data that pointed to more signs of a slowdown in the Asian economic powerhouse.

August crude oil futures were down 50 cents to $85.49 a barrel. August gold futures were up $4.60 to $1,593.70 an ounce.

The benchmark 10-year Treasury was down 5/32, raising the yield to 1.533%, while the dollar was rising 0.16%, according to the dollar index.

The benchmark U.S. stock indices retreated Monday amid nervousness about second-quarter reporting season and rising Spanish bond yields.

Aluminum giant Alcoa (AA) kicked off second-quarter earnings season, beating Wall Street estimates by a penny. Sales were $5.96 billion, topping the average analysts estimate of $5.81 billion, according to Thomson Reuters.

Shares of Alcoa ticked up 7 cents, or 0.8%, in premarket trading Tuesday to $8.83.

Investors at Research In Motion’s (RIMM) annual shareholders’ meeting Tuesday will be listening for details about the troubled BlackBerry maker’s long-term strategy.

RIM recently reported a worse-than-expected loss in its first quarter, announced 5,000 job cuts, and said it was delaying its long-awaited BlackBerry 10 technology.

RIM shares ticked up 5 cents, or 0.65%, in premarket trading Tuesday to $7.72.

Advanced Micro Devices (AMD) said it sees a sequential decrease in revenue of 11% for the second quarter, down from a prior forecast for growth of 3%.

The chipmaker cited slow growth in China and Europe as well as weak consumer demand for PCs for the weak outlook.

Shares of Advanced Micro Devices fell 10.14% in premarket trading Tuesday to $5.05.

Intel (INTC) announced Monday a series of deals totaling $4.1 billion with semiconductor manufacturing specialist ASML Holding (ASML) as the chipmaker looks to boost silicon manufacturing.

Intel will invest about $1 billion in ASML’s research and development over five years, and will eventually take a $3.1 billion, 15% stake in Netherlands-based ASML.

Elite.

Share Tweet
React

Julian Sonny

From the sandy beaches of Hawaii, to the streets of New York: Julian has seen it all. His lifetime of travels has given him a broad scope of knowledge and an eclectic taste unlike any other in the tri-state area. Julian has often been compared to cultural icon, The Rock, because of his unequivocal work ethic and warrior-like stature.

More In News

World Katie Gonzalez

Everything Wrong With The World: Australian Teen Says He’s The Next Paris Hilton (Photos)

This 17-year-old  likens himself to an Australian Paris Hilton… which makes total sense, since he’s “famous” for doing absolutely nothing. Kurt Coleman’s biggest fan is himself, although he has amassed over 170,000 followers on Facebook and nearly 85,000 on Instagram. As obnoxious as he sounds, Coleman is perhaps best known for taking “selfies 24/7″ because, why […]

Also On Elite

TV

‘Mad Men’ Gets A Blaxploitation Makeover And The Result Is Hilarious (Video)

Real-life ad agency Leroy & Clarkson imagined what AMC’s wildly popular series, “Mad Men” would be like if it got a full, badass blaxploitation makeover, and the result? Don-o-Mite. Don must save the worst agency on Madison Avenue or go back to jail, and in this game it’s either “pitch or get ditched.” Along the way, […]

Film

The Full Trailer For ‘X-Men: Days of Future Past’ Will Leave You Speechless

The “X-Men” franchise has the uncanny ability to make sequels, prequels and even prequels to sequels without ever ruining the series. I can honestly say that I have enjoyed every “X-Men” movie to date, from the very first all the way to “X-Men: Wolverine” (I mean who didn’t enjoy that one? Hugh Jackman was half-naked […]

Humor

The Sleepiest Kitten Ever Is Really Having A Tough Time Staying Awake (Video)

We’ve all been this kitten before. You’re struggling to stay up despite being the most tired you’ve ever been, drifting in and out of consciousness until you wake up hours later with no memory of what happened. Either that or you grab the nearest stimulant and hope for a second wind. Unfortunately for the kitten, […]

Sports

Unbelievable: Cancer Survivor Hits Miracle Game-Winning Shot With Help Of Late Friend (Video)

March Madness has dominated sports storylines and provided many beautiful examples of teamwork and community. But college basketball doesn’t monopolize inspirational sports stories. The Bishop McGuinness boys varsity basketball team had a touching tale of its own take place earlier during their season, covered in this video by Steve Hartmann. Coach Josh Thompson had each member […]

Start Ups

The Startling Statistics That Prove Venture Capitalists Are More Likely To Fund White Males Over Minorities And Women

Venture capitalists are in the business of picking winners and losers. Without their early financial backing, companies like Google, Facebook and Microsoft might never have taken off. By definition, venture capital is early-stage funding for start-up companies that are high on risk but also high on potential. A venture capital fund reaps profits by acquiring […]

Humor

Grandpa Dancing To The Bee Gees Will Make Your Day (Video)

I love this video. It’s a 6′ 4″, 78-year-old guy named Big John dancing to The Bee Gees. It’s only 30 seconds long, but I feel like I know his entire life story. Big John heard “Stayin’ Alive” come on and was instantly transported back to 1977. He might be in the middle of a […]