May 8, 2014 -- 8:30 a.m. - 05/08/14
Stock index futures are modestly lower in pre-market trading. The Dow is down 0.1%. The S&P 500 is off 0.2% while the NASDAQ trades 0.4% below fair value on Globex.
The major averages are poised to decline following as investors weigh an update on the labor market and corporate profit releases. Weekly jobless claims declined by 26,000 to 319,000 versus a projected 325,000 increase. Later this morning, Fed Chairwoman Janet Yellen will return to Capitol Hill today to testify before the Senate budget committee on the economic outlook.
On the earnings front, Transocean is rising 3.2% to $44.73 after posting quarterly results above consensus. Coffee maker Keurig Green Mountain is up 5.6% to $97.35 after its profits topped analyst estimates. Electric car maker Tesla is declining 10.1% to $181.00 after providing a more cautious second-quarter outlook. Over in tech, Twitter is 1.4% higher at $31.10 following positive analyst comments on internet stocks.
European markets are higher at midsession after the ECB left its benchmark interest rate at a record low. The FTSE is up 0.3% in London. The DAX is gaining 0.2% in Frankfurt. Asian markets advanced on the overnight session. The Nikkei rose 0.9% in Tokyo. Chinas Shanghai Composite added 0.3% after a report showed exports rose in April.
Treasuries are little changed this morning. The benchmark 10-year note is down 1/32 to yield 2.62%.
This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.