U.S. stock-index futures were slightly higher today, as U.S. equity investors brushed aside Greece concerns amid optimism the Federal Reserve will continue to shore up the economy.
Futures for the Dow Jones Industrial Average inched up 24 points to 18,067, while those for the S&P 500 index added 2.55 points to 2,117.25. Futures for the Nasdaq-100 index inched up 6.75 points to 4,537.
The Federal Reserve this week continued to signal that it would take a slow approach to raising rates. The Fed’s message reassured stock investors, who have enjoyed six years of a bull market in a low-rate environment.
The breakdown in Greece’s talks with creditors has been a non-event for U.S. equity investors this week, with the S&P 500 up 1.3 percent. Traders are losing interest even as European finance officials called for an emergency meeting on Monday to resolve the Greek impasse before its financial lifeline expires.
Stocks rose yesterday, with a surge in biotechnology shares propelling the Nasdaq Composite Index to a record. The tech-heavy index rose 1.3 percent to 5132.95, notching its fourth record of the year. The Dow advanced 1 percent to 18115.84 and the S&P 500 added 1 percent to 2121.24.
FED SPEAKERS:
San Francisco Fed president John Williams is due to speak before the National Bureau of Economic Research East Asian Seminar on Economics in San Francisco, while Cleveland Fed president Loretta Mester is scheduled to speak before the Federal Reserve Banks of Cleveland and Philadelphia Policy Summit in Pittsburgh, Pennsylvania.
MOVERS:
ConAgra Foods (NYSE:CAG) gained 5.3 percent ahead of the bell after activist hedge fund Jana Partners took a stake in the packaged food company.
Hershey (NYSE:HSY) fell 2.4 percent in pre-market trades after the provider of chocolate and sugar confectionery said it would cut about 300 jobs and lowered its sales-growth forecast again for the year.
Amgen (NASDAQ:AMGN) inched up 0.5 percent after the biotechnology company said its drug met the main goal of improving overall survival in metastatic colorectal cancer patients who have not responded to chemotherapy.
Smith & Wesson Holding (NASDAQ:SWHC) sank 3.7 percent to $16.10 after the firearm maker’s quarterly forecast fell short of expectations even as fourth-quarter adjusted earnings beat.
CarMax (NYSE:KMX) skidded 3.6 percent in early trading after the used cars retailer reported slightly weaker-than-expected sales growth in its May quarter, though profit met Wall Street expectations.
KB Home (NYSE:KBH) advanced 4.3 percent after reporting better than expected profit and revenue in the last quarter.
OTHER MARKETS:
European stocks rose, though concerns about Greece’s debt negotiations continued. Germany’s DAX added 0.3 percent and France’s CAC 40 jumped 0.9 percent.
COMMODITIES:
Spot gold was up 0.1 percent at $1,202.40 an ounce, after a 1.3 percent gain yesterday.
West Texas Intermediate for delivery in July, was trading at $59.79 a barrel, down 1.1 percent on the New York Mercantile Exchange.