April 23, 2014 -- 8:30 a.m. - 04/23/14
U.S. stock index futures are suggesting a flat open. The Dow, S&P 500 and NASDAQ are all less than 0.1% below fair value.
Equities are searching for direction as investors digest overseas economic data and earnings results. Chinas manufacturing sector contracted in April for the fourth consecutive month but euro zone factory activity accelerated, led by Germany.
On our shores, a gauge on manufacturing is due out at 9:45 a.m. ET and is projected to improve this month after declining in March. In addition, the existing home sales report is scheduled for release at 10:00 a.m. ET and is expected to rebound in March after suffering the largest drop since last July.
On the earnings front, Procter & Gamble reported a higher quarterly profit and AT&T raised its full-year forecast for revenue growth. Dow Chemical also topped earnings expectations as it posted a 75% jump in quarterly profit.
In health care, Gilead Sciences is up 3.8% in pre-market trading after the companys new hepatitis C pill generated record-breaking sales, helping its quarterly net profit nearly triple. On the downside, Amgen is losing 2.8% in early action after reporting a lower-than-expected first quarter profit as sales fell short of estimates.
In fixed-income, Treasury prices are higher before a government auction of $35 billion in five-year notes. The 10-year note is up 4/32 to yield 2.69% and the 30-year bond is gaining 12/32 to yield 3.47%.
This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.