Equity futures higher, on track for modest bounceback at open U.S. equity futures are pointing to a higher open against a back drop of global markets having firmed and oil prices having fallen to a 13 month low. The lower oil prices have come despite the turmoil in Iraq and Russia and gloomy economic news from Asia. China reported surprisingly low credit growth in July, with financing hitting its lowest point since October 2008. Investors in the U.S. will be watching retail sales figures for July, business inventories for June and the weekly Department of Energy inventory reports.
BofA/Merrill to hold a conference 2015 Payments & Card Conference is being held in Scottsdale, AZ on May 18-20.
Futures slightly lower ahead of opening of new week U.S. equity futures are below fair value following a weekend of quiet news flow. The first quarter earnings season is winding down and investors are beginning to look forward to the long Memorial Day weekend. Today’s focus will be on the housing data due out at 10:00am EDT with the release of the NAHB housing market index. Many have expressed concern that the housing rebound will remain muted for the foreseeable future as the Fed gears up to begin raising interest rates.