U.S. stocks looked set for a lower start Monday as investors returning from the holiday weekend focus their attention on upcoming quarterly results. The weakness in the futures market could be attributed to some profit taking, as the S&P 500 index has surged more than 27% since its 12-year low reached on March 9th, the most over 23 days since 1933. The Russell 2000 small cap index also has had a record gain over the previous month, climbing 36%.
Today is a slow news day, but the corporate headlines should begin to pick up tomorrow as earnings season kicks into high gear. Meanwhile, there are no major economic releases scheduled for today, but there will be plenty this week. Tuesday brings producer prices and retail sales data, while Wednesday brings industrial production and consumer price information. Thursday brings the weekly jobless claims report and housing starts and we end the week with a report on consumer sentiment.
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