Stock Futures To Mark Weekly Losses
US stock futures are edging higher in value as the trade week comes to a close - yet are still likely to mark weekly losses.
Saturday, July 12, 2014 - 00:00
The indices' slump comes after having repeatedly touched record highs earlier this month and in June. But this week's drop is poised to be the biggest in about three months. The S&P 500 has pulled back during three of the past four days. Analysts are set to scrutinize companies' corporate earnings reports next week, when many firms are scheduled to release data from the second quarter of the year.
In reaction to the news , just after 10 a.m. in New York, the Nasdaq had edged up 0.04%, a gain of 1.81 points to 4,398.51; the S&P 500 dipped 0.17%, a dive of 3.37 points to 1,961.37; and the Dow fallen 0.22%, a loss of 37.7 points to 16,877.37. Thus far this week the Dow is down about 0.9%, the S&P 500 is slumping roughly 1%, and the Nasdaq has fallen approximately 2%.
Portuguese bank is flashpoint
Investors are keeping a close eye on the second-largest lender in Portugal, Bloomberg reports. Having missed a debt payment earlier this week served as a reminder of the nation's troubles with the sovereign debt crisis. But the bank stepped forward and attempted to allay concerns of traders and investors by noting its exposure to related companies.
On Friday, the financial institution filed regulatory paperwork noting is does not anticipate debt crisis losses will work against its efforts to comply with standards and regulations.
Israel watches another front
Another theater has opened in the Middle East conflict between Israel and its neighbors, The Wall Street Journal reports. The Israel Defense Forces are not sure who is responsible but the military did say a rocket landed in the northern region of the nation after having been discharged from Lebanon. The government of Lebanon said one suspect has been arrested but little other details were released.
Israel, presently targeting Islamic militants in the Gaza Strip, has been closely watching the northern region of the nation in anticipation of action driving from militant groups based in Lebanon.
Israel Prime Minister Benjamin Netanyahu and US President Obama conducted a Thursday call, during which the US leader offered assistance. The US might look to other Middle Eastern nations as intermediaries, such as Turkey, Qatar and Egypt.
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