Futures dip 1.8 points
NEW YORK: US stock index futures edged lower on Monday, indicating the S&P 500 may snap a four-day winning streak after data showed Spain slipped into a recession and ahead of a report on US consumer spending.
Spain’s economy slipped into recession in the first quarter, data showed, with deep government spending cuts to reduce a massive public deficit and troubles in the banking sector likely to delay any return to growth.
Investors will also look to March personal income and consumption, coming at 8:30am EDT (1230 GMT). Economists expect a 0.3 percent rise in income and a 0.4 percent increase in spending. In February, income rose 0.2 percent and spending was up 0.8 percent.
Also due at 8:30am is the Chicago Fed Midwest Manufacturing Index for March.
Other economic reports due Monday include the April index of manufacturing activity at 9:45am EDT (1345 GMT) from the Institute of Supply Management Chicago.
S&P 500 futures fell 1.8 points 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 slipped 12 points, and Nasdaq 100 futures lost 4.75 points.
NYSE Euronext said profit fell by almost one-third in the first quarter due to a difficult trading environment and costs from its failed merger with Deutsche Boerse.
A total of 12 S&P 500 companies were scheduled to report earnings on Monday, including Anadarko Petroleum Corp and McKesson Corp.
According to Thomson Reuters data through Friday, of the 275 S&P 500 companies that have reported results, 72 percent topped estimates. A strong earnings season helped lift the benchmark S&P index to its best week since mid-March on Friday.
Pipeline operator Energy Transfer Partners LP said it will buy Sunoco Inc for $5.3 billion in stock and cash as it focuses on transporting more crude oil and refined products amid falling natural gas prices. Sunoco soared 21 percent to $49.49 in premarket trading.
Barnes and Noble Inc surged 79.1 percent to $24.50 premarket after Microsoft Corp said it will invest $300 million in the bookseller’s digital and college businesses in a deal that values the businesses at $1.7 billion.
European stocks dipped 0.3 percent early Monday in choppy trade, halting a four-session rally and dragging down by brewing concerns over Spain’s finances. reuters