By Victor Reklaitis, MarketWatch
Tyson, Clorox likely to see active trade on earnings
U.S. stocks looked on track to edge lower at the open Monday, as
sentiment was hurt by another drop by Chinese stocks, offsetting
mostly positive action by European equities.
While Greece's stock market plunged as trading reopened,
investors in other markets appeared to take that in stride. U.S.
investors also will watch for fresh readings on personal income,
consumer spending, manufacturing and construction, plus earnings
from companies like Tyson and Clorox.
S&P 500 futures were last down 1.90 points, or 0.1%, to
2,096.50, while those for the Dow Jones Industrial Average dipped
by 11 points, or 0.1%, 17,603.
Nasdaq 100 futures shed 7 points, or 0.2%, to 4,578.
On Friday, the S&P 500 closed down 0.2%
(http://www.marketwatch.com/story/us-stocks-sp-eyes-2-rise-for-month-but-month-end-volatility-seen-2015-07-31),
dragged lower by the energy sector, but the benchmark gained 1.2%
for the week and 2% for the month.
The benchmark stands about 1% off its record close in May,
having traded in a narrow range for several months. More
range-bound trading, or "numbness
(http://www.marketwatch.com/story/golds-fire-sale-offers-refuge-on-feds-bumpy-road-to-rate-hikes-2015-07-31)",
as a recent Need To Know column called it, could be ahead until
Friday, with investors staying on the sidelines as they wait for
the monthly U.S. jobs report due that day.
What strategists are saying: "Another month has gone by, and
U.S. equities are still awaiting a resolution to their nine-month
trading range," said Jonathan Krinsky, chief market technician for
MKM Partners, in a note Sunday.
He said the difference between the top- and worst-performing
industries in the S&P 500 continues to grow. "At some point,
this divergence needs to be rectified, but for now the beat goes
on," Krinsky wrote.
Other markets: Asian shares closed lower Monday
(http://www.marketwatch.com/story/asian-markets-fall-as-chinese-factory-data-prompts-jitters-2015-08-03)
after disappointing Chinese manufacturing data and a continued
slide in commodity prices. European equities mostly gained
(http://www.marketwatch.com/story/european-stocks-edge-up-greek-index-slides-as-trading-resumes-2015-08-03)
even as Greek stocks plunged as trading resumed in Athens
(http://www.marketwatch.com/story/greek-stock-market-dives-after-trading-resumes-2015-08-03).
Crude oil futures were showing a sizable drop, while gold dipped
and the dollar was little changed.
Economic news: June figures for U.S. personal income and
spending are due at 8:30 a.m. Eastern Time, with economists polled
by MarketWatch expecting a rise of 0.3% in each case. A reading on
core inflation in June is due the same time.
A July reading for Markit's purchasing managers' manufacturing
index is expected at 9:45 a.m. Eastern, followed by updates at 10
a.m. Eastern for June construction spending and the July Institute
for Supply Management's manufacturing index. See:
As for speakers, Federal Reserve Gov. Jerome Powell is scheduled
to give a speech on the liquidity of the Treasury bond market at
the Brookings Institution at 10:50 a.m. Eastern.
Movers & Shakers: Before the opening bell, Tyson Foods
Inc.(TSN) is forecast to post fiscal third-quarter earnings of 92
cents a share, according to analysts polled by FactSet.
Also ahead of the open, Clorox Co.(CLX) is expected to report
fiscal fourth-quarter earnings of $1.37 a share.
Read more in MarketWatch's Movers & Shakers column
(http://www.marketwatch.com/story/aig-tyson-clorox-earnings-in-focus-2015-07-31)
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