May 1, 2014 -- 8:30 a.m. - 05/01/14

Stock index futures are suggesting a mixed start to May. The Dow and the S&P 500 are down less than 0.1%. The NASDAQ is trading 0.2% above fair value on Globex.

The major averages are indicated to open little changed following this mornings economic releases. Weekly jobless claims unexpectedly rose 14,000 to 344,000 compared to a projected decline to 320,000. Consumer spending grew 0.9% in March versus the consensus estimate to increase 0.6%. Shortly after the open a report may show manufacturing activity expanded in April.

On the earnings front, Exxon is up 0.5% to $102.90 after posting quarterly results above analyst estimates. ConocoPhillips is adding 1.1% to $75.14 as its profits topped expectations. Shares of Yelp are climbing 9.7% to $63.95 after providing increased full-year revenue guidance.

M&A chatter is providing a lift to media and telecom stocks. DirecTV is gaining 6.6% to $82.75 amid reports AT&T approached the satellite operator about merging. Sprint is rising 6.8% to $9.08 on news it is preparing to make a bid to buy T-Mobile.

European markets are up in limited trading. The FTSE is 0.3% higher in London. The DAX is unchanged with Frankfurt closed for May Day. In Asia, the Nikkei rose 1.3% in Tokyo. Chinas market was closed for holiday.

Treasuries are modestly lower following the updates on the labor market and consumer spending. Benchmark 10-year notes are down 2/32 to yield 2.65%.

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.

 

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