5-21-14 7:34 AM EDT | Email Article
 

By Barbara Kollmeyer, MarketWatch

 

MADRID (MarketWatch) -- Stock futures pointed to a modest bounce for Wall Street at the open on Wednesday, with investors set to scrutinize comments by Federal Reserve members and the minutes from the central bank's most recent meeting.

 

Retailers are in the premarket spotlight with shares of Lowe's Cos. and Tiffany & Co. rising after quarterly results, and Target Corp. earnings ahead.

 

Futures for the Dow Jones Industrial Average (DJM4) rose 31 points to 16,368, while those for the S&P 500 index (SPM4) gained 3.7 points to 1,871.80. Futures for the Nasdaq-100 (NDM4) added 7.8 points to 3,604.25.

 

Ahead of a clutch of Fed speakers, retail results are in the spotlight. On Tuesday, that sector helped drag the Dow industrials (DJI) to a triple-digit loss, after disappointing earnings from TJX Cos. (TJX) and Staples Inc. (SPLS) among others. Target, Lowe's, Williams-Sonoma are stocks to watch

 

Home-improvement retailer Lowe's (LOW) ahead of Wall Street's open reported first-quarter earnings of 61 cents on sales of $13.09 billion. Earnings came in ahead of analyst expectations by a penny a share, but sales missed an average estimate of $13.89 billion. Lowe's also lifted its per-share earnings view for 2015. Shares rose 1% in premarket.

 

Shares of Tiffany (TIF) rose nearly 5% after the luxury-jewelry maker reported sales and earnings that beat estimates and also lifted its outlook for fiscal 2015.

 

Target (TGT) will get particular scrutiny, given the retailer's weak performance over the past year. Wall Street expects earnings of 71 cents and sales of $17.02 billion. On Tuesday, the company replaced the president of its struggling Canadian business.

 

PetSmart Inc. (PETM) is seen reporting earnings of $1.01 a share on revenue of $1.77 billion.

 

Yellen, Dudley speeches, minutes ahead

 

Federal Reserve Chairwoman Janet Yellen will deliver the commencement speech at Yankee Stadium for New York University students at 11 a.m. Eastern Time. The Fed chief is part of a busy Fed lineup for Wednesday.

 

New York Fed President William Dudley, who is a voting member of the Fed policy committee, will hold a quarterly press briefing on regional labor markets and economic conditions at 11 a.m. Eastern Time.

 

Kansas City Fed President Esther George, who isn't a voting member this year, will deliver a speech in Washington on the economy and banking at 12:50 p.m. Eastern Time. Voting-member Minneapolis Fed President Kocherlakota will speak on monetary policy and the economy at the Economic Club of Minnesota at 1:30 p.m. Eastern Time.

 

Philadelphia Fed President Charles Plosser added to Wall Street's Tuesday woes after he said the Fed may need to act sooner rather than later if the economy accelerates.

 

Investors will get a look at the minutes of the latest Fed meeting at 2 p.m. Eastern, which could reveal details of when, and by how much interest rates will be raised. The Fed continued to taper at its April 30 meeting, saying activity had "picked up recently" after a winter slowdown.

 

In overseas markets, European stocks made small gains as investors kept an eye on key European Parliament elections and purchasing-manager index data due later in the week. U.K.stocks fell for a third day and the British pound (GBPUSD) jumped against the dollar after the release of minutes from the Bank of England's latest meeting that were viewed as hawkish.

 

Asia stocks posted moderate losses across the board, with the Nikkei 225 index off 0.6% and the Bank of Japan leaving its monetary policy on hold at its latest meeting.

 

Gold for June delivery (GCM4) shed $5 to $1,289.50 while oil for July delivery (CLN4) pared gains ahead of a report on U.S. supply data. Citigroup also raised its Brent oil forecasts for 2014 and 2015 on Wednesday.

 

More must-reads from MarketWatch:

 

Major U.S. benchmarks approach bull-bear tipping point

 

Portfolio killers: 5 common investing myths

 

Microsoft bills new Surface tablet as laptop-killer, aiming at Apple

 

-Barbara Kollmeyer; 415-439-6400; AskNewswires@dowjones.com

 

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


(END) Dow Jones Newswires

05-21-14 0734ET

Copyright (c) 2014 Dow Jones & Company, Inc.
Copyright 2014 MarketWatch
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Morningstar - 2014/5/21 - UPDATE: Stock futures up ahead of Fed speakers, Target
Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol |  Title Star Rating |  Category |  Total Assets |  Top Holdings |  Top Sectors |  Symbol |  Name Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol / Ticker |  Title Star Rating |  Category |  Total Assets |  Symbol / Ticker |  Name Title |  Date |  Author |  Collection |  Popularity |  Interest Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Company |  Symbol |  Interest |  Popularity Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Title |  Date |  Author |  Collection |  Interest |  Popularity

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