EmailS&P futures point to a flat open on an extremely slow news day.
Spanish bond yields have dipped to 6.23% on renewed talk of European Central Bank bond purchases. That would normally be good news that would boost European stock exchanges, but European stocks are essentially flat. The Spanish exchange is even down one-half of one percent.
The only earnings report is from Lowe's, and it wasn't good. Revenue and profits were below expectations. The only reports of note later this week will be from Best Buy, Dell, and Hewlett-Packard. Earnings season is essentially over in terms of reports that will move the broad market.
There are no economic releases this morning. The only reports this week are existing home sales data on Wednesday, unemployment claims and new home sales on Thursday, and durable orders Friday.
The FOMC minutes to be released Wednesday afternoon have the potential to be the biggest market moving event this week. And, there will be plenty of dead time on TV to talk about what Fed Chairman Bernanke will say in his speech in Jackson, Wyoming on August 31.
For now, though, the markets are very quiet.
Founder and Chairman, Briefing.com
