This week markets will be squarely focused on data, including private-sector employment figures, factory surveys, and the big report of them all, February's jobs figures. Investors will be keeping a close eye on the Nasdaq as it knocks on the 5,000 level for the first time since the dotcom bust and looking for signs that markets are overheated. We’ll also get the initial results of the Fed’s latest stress tests on financial institutions.
The US Commerce Department issues data at 1.30pm GMT today for personal income for January, which is forecast to show a 1 per cent decline.
The Institute for Supply Management is scheduled to release its index of national factory activity for February at 3pm, while the US Markit manufacturing purchasing managers index for February is out at 2.45pm GMT. US construction spending for January, published at 3pm GMT, is forecast to show a rise of 0.3 per cent.
A federal judge is due to sign off today on a case involving Apple, Google, Intel and Adobe. The tech firms have agreed to pay $390 million to settle accusations that they refrained from poaching each other's workers, thus driving down salaries and violating antitrust laws.
Sotheby’s, the auction house, is expected to report fourth quarter results before markets open today. Wall Street is looking for earnings per share of $1.28, against $1.30 a year ago, and revenue of $338.11 billion. The company has recently been targeted by Marcato Capital, the hedge fund, for putting its capital returns on hold. Marcato is demanding an immediate stock buy back worth $500 million and the removal of Patrick McClymont, the chief financial officer.
Markets: Futures suggest a positive day on Wall Street. The Dow Jones is expected to open up 20 points at 18,147, the S&P to rise 1.75 points to 2,104.50 and the Nasdaq to grow 7 points to 4,449.50.
Alexandra Frean
US Business Editor
@freanie
|