Bloomberg: U.S. stock-index futures were little
changed after the Standard & Poor’s 500 Index closed above 2,000
for the first time.
Futures on the S&P 500 expiring in September rose less than 0.1 percent to 2,000 at 7:23 a.m. in New York. The equities gauge climbed to 2,000.02 yesterday, rising for the sixth time in seven days, as economic data showed a record jump in durable-goods orders and an unexpected increase in consumer confidence. Dow Jones Industrial Average contracts added 19 points, or 0.1 percent, to 17,116 today.
“U.S. markets continue to defy geopolitical worries,”
Richard Hunter, the head of equities at Hargreaves Lansdown Plc
in London, wrote in an e-mail.
“On fundamentals, the rally is sustainable although the bears continue to voice accusations of complacency given the geopolitical concerns. Many of the blocks are in place for the equity markets to make further progress.”
Three rounds of Federal Reserve stimulus and optimism that central banks will continue to support economic growth, along with record corporate earnings, have helped the S&P 500 almost triple from its March 2009 low. Rallies from Brazil to Japan and the U.S. gauge’s first trip above 2,000 sent the value of global equities to a record $66 trillion.
Tiffany & Co. added 3.4 percent to $104.15 in early New York trading after boosting its full-year earnings forecast. The world’s second-largest luxury-jewelry retailer said earnings per share this year will be $4.25 to $4.30, higher than a previous forecast for $4.15 to $4.25. Tiffany reported earnings of 96 cents per share in the second quarter, beating analysts’ projection for EPS of 85 cents.
MannKind added 2.3 percent to $7.51. Jefferies started covering the company with a buy rating and a projected 12-month share price of $10, saying its diabetes treatment Afrezza may reach peak sales of $3.2 billion.
Smith & Wesson slumped 12 percent to $11.50. The second-largest publicly traded firearms company said sluggish demand for guns means sales will be $530 million to $540 million in the fiscal year ending in April, lower than a previous forecast for revenue of $585 million to $600 million. Profit will be 89 cents to 94 cents a share this year, compared with $1.30 to $1.40 seen earlier, the company said.
