May 9, 2014 -- 8:30 a.m. - 05/09/14
Stock index futures are indicating a lower open on Friday. The Dow and S&P 500 are both down 0.2%. The NASDAQ is trading 0.3% below fair value on Globex.
The major averages are poised to decline as investors digest another round of corporate profit releases. Ralph Lauren is falling 6.2% to $142.50 after revenues fell short of analyst projections. Shares of Gap are climbing 4.1% to $40.84 after the retailer provided guidance above consensus. Security software maker Symantec is up 1.3% to $20.40 after quarterly results beat estimates an increased it profit forecast.
In M&A news, Apple is down 0.6% to $584.50 on reports it is close to purchasing headphone maker Beats for $3.2 billion. Omnicom is 1.1% lower at $65.06 after the advertising agency and Publicis decided to abandon their $35 billion merger.
On the economic front, a report shortly after the open may show wholesale inventories rose 0.5% in March. Dallas Fed President Richard Fisher is scheduled to speak on the limitations of monetary policy.
European markets are lower at midsession. The FTSE is off 0.4% in London. The DAX is down 0.3% in Frankfurt. Asian markets were mixed overnight. The Nikkei gained 0.3% in Tokyo as generally positive earnings reports helped lift the market. Chinas Shanghai Composite slipped 0.1% amid weakness in property developers.
Treasuries are higher this morning. Benchmark 10-year notes are up 5/32 to yield 2.60%. The 30-year bond is gaining 15/32 to yield 3.42%.
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.