Seeking Alpha

Stock futures fall as consumers cut spending for the first time in a year

  • Stocks are on track to begin today's session with slight losses after consumer spending slipped 0.1%, the biggest drop in a year, as data fail to show any pent-up demand resulting from the severe winter weather; S&P -0.2%, Dow and Nasdaq -0.1%.
  • However, markets weren't fazed much yesterday by the negative Q1 GDP number, as many expect Q2 will bring improvement.
  • Asian markets ended mostly lower, while European indexes trade in mixed fashion as the quiet trading week draws to the close.
  • Treasury prices are lower, with the benchmark 10-year yield up 2 bps to 2.468%.
  • Still ahead: Chicago PMI, consumer sentiment.
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