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Stock futures waver ahead of inflation, earnings

MARKETWATCH 6:32 AM ET 04/15/14

Symbol Last Price Change
C 47.67up 0 (0%)
KO 38.73up 0 (0%)
GMCR 96.52up 0 (0%)
JNJ 97.14up 0 (0%)
INTC 26.56down 0 (0%)
YHOO 33.445up 0 (0%)

QUOTES AS OF 04:00:10 PM ET 04/14/2014

LONDON (MarketWatch) -- U.S. stock futures struggle for direction on Tuesday ahead of an eventful trading day, with inflation data, several Federal Reserve speakers and a raft of prominent earnings poised to keep investors busy.

Futures for the Dow Jones Industrial Average (DJM4) slipped 12 points, or 0.1%, to 16,084, while those for the S&P 500 index (SPM4) fell 0.60 point to 1,823.90. Futures for the Nasdaq 100 index (NDM4) were flat at 3,470.25.

The muted moves came after stocks ended with broad gains on Monday, when an unexpectedly strong rise in March retail sales and consensus-beating results from Citigroup Inc.(C) lifted the trading mood.

More earnings are on tap for Tuesday. Ahead of the open, Coca-Cola Co.(KO) is projected to report first-quarter earnings of 44 cents a share, according to a consensus survey by FactSet. Investors are likely to focus on details of Coca-Cola's new partnership with Keurig Green Mountain Inc.(GMCR) .

At 8:30 a.m. Eastern Time, inflation data for March is out and expected to show a 0.1% rise in consumer prices month- on-month, according to economists polled by MarketWatch. Annual inflation is forecast to stay below the Federal Reserve's 2% target.

Two early readings on the economy in April will also be released, and both are expected to indicate an improvement as the weather gets better. The Empire State index, out at 8:30 a.m. Eastern Time, is forecast to rise to 8.0 in April, from 5.6 in March. And at 10 a.m. Eastern, an index of sentiment among home builders is expected to rise to 50 in April, from 47 in March.

In addition, several Fed speakers are on the docket. Fed Chairwoman Janet Yellen is giving opening remarks at the Atlanta Fed's banking conference at 8:45 a.m. Eastern. Opening remarks are usually not substantive, but it is hard to know for certain, given Yellen's brief tenure, whether she will follow that practice.

Aside from Yellen, it looks like the doves on the central bank will get the most attention. Boston Fed President Eric Rosengren speaks at Husson University in Bangor, Maine at 4 p.m. Eastern. Rosengren is a leading dove on the Fed policy committee, but not a voting member in 2014. He dissented from the Fed's decision in late 2013 to start to taper the bond-buying program.

Philadelphia Fed President Charles Plosser is moderating a panel discussion at the Atlanta Fed conference at 3 p.m. Eastern Time, while Atlanta Fed President Dennis Lockhart is scheduled to make welcoming remarks at his bank's banking conference just before Yellen speaks. Plosser is a voting member this year, while Lockhart isn't.

On the corporate front, Johnson & Johnson(JNJ) is expected to post earnings of $1.48 a share in the first quarter, reporting before the bell.

After the market closes, Intel Corp.(INTC) is forecast to post first-quarter earnings of 37 cents a share. Yahoo Inc.(YHOO) is likely to report earnings of 37 cents a share in the first quarter.

"We expect Yahoo(YHOO) to report another muted quarter," analyst Youssef Squali at Cantor Fitzgerald said in a note. "While 2013 represented a year of right-sizing, investment and acquisition, we think 2014 should be the year where monetization efforts drive a resumption in top-line growth, starting with first quarter 2014."

In other financial markets, bourses closed mixed, with Hong Kong and Shanghai taking a hit from China's latest credit data. European stocks traded mostly lower, as investors worried about the Ukraine crisis. Oil (CLK4) and metals (GCM4) declined, pushed lower by a stronger dollar.

More must-reads from MarketWatch:

Are stocks looking at another 'Seven Year Glitch' in 2014?

U.S. deficit to shrink more than seen in 2014: CBO

Citigroup's (C) stock is cheap, but should you buy it?

-Sara Sjolin; 415-439-6400; [e-mail]

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04-15-140632ET
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