Light Economic Calendar. Futures Slumping Even as Oil Prices Recover

by devteam July 7th, 2009 | Share


It’s another light day with no major data releases on the docket. The only items to be released are the weekly retail sales reports from ISCC-Goldman Sachs and Johnson Redbook in the morning, as well as the ABC Consumer Comfort survey after the closing bell.

After struggling yesterday morning markets began climbing in the final hour of trading, with the Dow and S&P 500 each managing to jump into positive territory before the bell. This morning stock futures are pointing to a lower open with S&P 500 futures down 2.3 points to 893.20, NASDAQ futures 2.25 points lower to 1438, and Dow Futures trimming 18 points to 8259.

In a daily note Michael Gregory from BMO Capital Markets said tax cuts haven’t been able to boost spending in the weekly sales surveys, which averaged a 1.9% decline in the last release, but perhaps patriotic sentiment would give a boost to consumption in the week ending July 4. 

Oil prices are on the rise following five straight days of declines. Crude oil has inched up past $64 per barrel overnight, and in a client note Merrill Lynch said prices could hit $82 by Q4 2010. They cited limited growth supply outside of OPEC, a shrinkage of spare capacity within OPEC, and more demand from emerging markets as key drivers.

Also in the headlines: Laura D'Andrea Tyson, an economic adviser to President Obama, told an audience in Singapore that the U.S. should prepare another round of stimulus spending. That would be third stimulus package since former President Bush unveiled the first one last spring.


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About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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