Futures Follow Europe Lower on Italian Debt Concerns
Futures are edging lower in premarket trading Monday, following European markets lower in what is a data free session. If fiscal cliff issues aren’t enough, although we have seen positive movements over the weekend, Europe’s debt crisis is back on the radar, thanks to political turmoil in Italy. President Barack Obama and Republican House Speaker John Boehner of Ohio met face to face Sunday for the first time in more than three weeks to discuss the fiscal cliff. Futures are focusing on the European developments this morning as S&P 500 Index futures dropped 2.7 points, or 0.2%, to 1,413.30, while futures on the Dow Jones Industrial Average declined 21 points to 13,122. Nasdaq 100 futures fell 4.75 points to 2,631.25.
A better than expected employment report sent major averages mostly higher in Friday action, weighed down over the course of the week by the tech sector, namely Apple Inc. (AAPL), which lost 8.9% on the week. 24 of the 30 blue chips climbed as the Dow Jones Industrial Average closed up 81.09 points, or 0.6%, to 13,155.13, near session highs. The S&P 500 Index advanced 4.13 points, or 0.3%, to close at 1,418.07. The tech-heavy Nasdaq Composite Index closed down 11.23 points, or 0.4%, to 2,978.04.
Currencies and Commodities
The dollar fell 0.41% at 82.1500 yen in the currency market. The euro appreciated 0.05% at $1.2934, with the pound gaining 0.29% to $1.6086. On the lower dollar, gold moved up $12.30 to $ 1,717.80, while silver climbed 1.05% at $33.48. Light, sweet crude for January rose 74 cents to $86.67 per barrel on the NYMEX; a 0.86% advance.