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Mon, Feb 11 2013
Traders work on the floor of the New York Stock Exchange, February 8, 2013.
Credit: Reuters/Brendan McDermid
NEW YORK |
NEW YORK (Reuters) – Stock futures dipped in low volume on Tuesday, hovering near multi-year highs as traders awaited President Barack Obama’s State of the Union address.
The economy will be one of the main themes of Obama’s speech at 9 p.m. (0200 GMT Wednesday). Investors will listen for any clues on a deal with Republicans in Congress to avert automatic spending cuts due to take effect March 1.
“Things are really quiet, waiting to see what the marching orders are for the next four years,” said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
Equities were mostly flat on Monday but the trend for the S&P 500, after six straight weeks of gains, has been upward. The index is up 6.4 percent so far this year.
S&P 500 futures fell less than 1 point and were below 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 dipped 4 point and Nasdaq 100 futures fell 3 points.
Coca-Cola Co (KO.N) shares dipped 0.5 percent to $ 38.42 in premarket trading after the world’s largest soft drink maker reported quarterly earnings that were slightly better than expected as strength in emerging markets offset a decline in its European business.
Goodyear Tire & Rubber (GT.O) shares fell 1.9 percent in premarket trading after it posted a stronger-than-expected quarterly profit but cut its 2013 forecast due to weakness in the European automotive market.
Fossil Inc (FOSL.O) shares rose 3.5 percent after the fashion accessory maker and retailer reported a rise in quarterly profit.
On Monday, the Dow Jones industrial average .DJI fell 21.81 points, or 0.16 percent, to 13,971.16. The S&P 500 .SPX dipped 0.92 points, or 0.06 percent, to 1,517.01 and the Nasdaq Composite .IXIC edged down 1.87 points, or 0.06 percent, to 3,192.00.
(Reporting by Rodrigo Campos; Editing by Chizu Nomiyama and Kenneth Barry)
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Wall Street flat ahead of Obama speech
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