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8:40AM: The futures are pointing to a higher open on a quiet pre-mkt session thus far....Of note, Home Depot (HD 43.42) is being downgraded by UBS Warburg to Hold from Buy on fears that Home Depot is changing too much too fast. Firm reduces price target to $42.50 from $50....On the economic front, Personal Income matched the consensus estimate with a 0.3% increase in April; Spending was up 0.5%, a bit less than the 0.7% consensus. Though slightly below consensus on the spending number, these data are unlikely to have any market impact. Futures reaction is muted.....
More economic reports today: Existing Home Sales and Conf Bd Consumer Confidence are both due at 10 ET....Overseas, European markets were higher while Asian markets were mixed....S&P 500 futures are +4.30, or 2.3 pts above fair value while Nas 100 PMI is +5.72.
