Futures dip after Dow, S&P records and Nasdaq 5,000

By Chuck Mikolajczak

NEW YORK (Reuters) – U.S. stock index futures edged lower on Tuesday, after the Dow and S&P marched to new record highs and the Nasdaq topped the 5,000 mark for the first time in 15 years.

* The Nasdaq <.IXIC> notched its first close above the milestone 5,000 mark since March 10, 2000, buoyed by a flurry of merger activity, for only the third close above that level in the history of the index. The Dow <.DJI> and S&P <.SPX> closed at their latest records as economic data pointed to a slowly improving economy.

* Investors will look to monthly auto sales data throughout the session for signs on the health of the U.S. economy and the appetite of consumer spending. Fiat Chrysler Automobiles’s <FCHA.MI> CEO said Volkswagen <VOWG_p.DE> is not the ideal candidate for a merger, adding he was exploring various M&A options.

* Electronics retailer Best Buy <BBY.N> climbed 4.8 percent to $ 40.50 in premarket trade after it reported quarterly results, announced a special dividend and the resumption of its share repurchase plan.

* Citigroup <C.N> gained 1 percent to $ 54 before the opening bell after it agreed to sell its consumer finance unit OneMain Financial Holdings Inc to subprime lender Springleaf Holdings Inc <LEAF.N> for $ 4.25 billion in cash.

* MannKind Corp <MNKD.O> tumbled 7.5 percent to $ 6.14 in premarket after Goldman Sachs cut its rating on the stock to “sell” from “neutral” and slashed its price target to $ 3 from $ 6 per share.

* European stock markets pulled back from earlier gains spurred by better-than-expected German retail sales data and merger speculation in the Portuguese banking sector, but remained near multi-year highs set in the prior session.

* Japan’s Nikkei stock average <.N225> erased early gains and ended 0.1 percent lower to snap a three-day winning streak, after the yen rebounded from a three-week low against the greenback touched earlier in the session. China stocks tumbled as investor excitement over a weekend interest rate cut waned.

Futures snapshot at 7:28 a.m. EST:

* S&P 500 e-minis <ESc1> were down 2.75 points, or 0.13 percent, with 71,440 contracts changing hands.

* Nasdaq 100 e-minis <NQc1> were down 3.75 points, or 0.08 percent, in volume of 8,213 contracts.

* Dow e-minis <1YMc1> were down 17 points, or 0.09 percent, with 9,905 contracts changing hands.

(Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama)

Nasdaq Futures

nasdaqfutures.org@imediaone.com

You may also like...

Rules of Discussion on Futures dip after Dow, S&P records and Nasdaq 5,000

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.
4. Providing Advice/Recommendations/Tips is fine but it should be free. Members cannot ask to be paid for it. Paid Advice is stricly prohibited
5. Spam links are not allowed. Too much promotion or using Contact info in ID will lead to account ban.
IMP : Memebrs are requeuested to flag any violations to keep Forum Clean