Stocks set for a flat open

By staff

NEW YORK( -- U.S. stocks were expected to open flat Monday after leaders of the world's economic powers committed to reducing deficits over the next few years and reports on personal income and spending came in close to expectations.

Dow Jones industrial average (INDU) futures were down slightly ahead of the opening bell, while S&P 500 and Nasdaq futures were up slighlty.

Futures measure current index values against perceived future performance.

Stocks finished Friday's session mixed, completing a lower week for the three major indexes.

"We're coming off a bad week and we're still following on the heels of a terrible May," said Art Hogan, chief market strategist at Jefferies & Co. "But we've gotten to a point in the market where we've priced in a decent bit of bad news, so it won't take much to move the market higher."

A rally could be in store this week as confidence in the global economy picks up, he said.

"We had a G-20 meeting over the weekend that didn't cause anything to tip over the apple cart in terms of new developments, and it's seeming likely that we'll see financial regulation passed this week, so that's helping the financial sector rally," said Hogan.

G-20: Leaders of the world's most important economies agreed to ambitious targets for getting deficits under control, pledging to cut them in half by 2013, according to a statement made following the G-20 summit this weekend in Toronto.

Economy: Before the open, the Commerce Department reported that personal income rose 0.4% in May, while personal spending edged up 0.2%.

The government was expected to report that personal income rose 0.5% in May after climbing 0.4% in April, according to a consensus estimate from

Personal spending was expected to have risen 0.1% from a flat reading in April.

Companies: Bank of America (BAC, Fortune 500) rose 1% in pre-market trading following reports that the bank has established an Australian advisory board that will be overseen by Don Argus, ex-chairman of BHP Billiton Ltd. (BHP)

World markets: Asian markets ended mixed Monday. Japan's Nikkei index lost 0.4%, while Hong Kong's Hang Seng index rose 0.2%.

Markets in Europe were up in early trading. Britain's FTSE 100 gained 0.3%, while France's CAC 40 rose 1.1%. Germany's DAX climbed 1.2%.

Dollar and commodities: The dollar was higher against the euro, but down versus the British pound and Japanese yen.

U.S. light crude oil for August delivery eased 41 cents to $78.45 a barrel.

COMEX gold's August contract gained $1 to $1,256.80 per ounce.

Bonds: Treasury prices rose, pushing the yield on the 10-year note down to 3.08% from 3.11% late Friday. Bond prices and yields move in opposite directions. To top of page

Just the hot list include
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
Rate data provided
View rates in your area
Find personalized rates:
Index Last Change % Change
Dow 32,627.97 -234.33 -0.71%
Nasdaq 13,215.24 99.07 0.76%
S&P 500 3,913.10 -2.36 -0.06%
Treasuries 1.73 0.00 0.12%
Data as of 6:29am ET
Company Price Change % Change
Ford Motor Co 8.29 0.05 0.61%
Advanced Micro Devic... 54.59 0.70 1.30%
Cisco Systems Inc 47.49 -2.44 -4.89%
General Electric Co 13.00 -0.16 -1.22%
Kraft Heinz Co 27.84 -2.20 -7.32%
Data as of 2:44pm ET


Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More

Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.