Stock futures dip, Boeing in focus; JPMorgan, Goldman report
January 17, 2013 12:42 AM EST
U.S. stock index futures slipped on Wednesday with shares of Boeing
JPMorgan Chase & Co
"Clearly, the near-term focus is on earnings more than anything else, specifically on financials," said Art Hogan, managing director of Lazard Capital Markets in New York.
Shares of Dow component Boeing
"It's hard to know if it is a series of coincidences, but it is certainly putting pressure on Boeing this morning," Hogan said.
S&P 500 futures fell 4.6 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 45 points, and Nasdaq 100 futures lost 1 point.
The Dow and S&P 500 rose Tuesday after stronger-than-expected retail data, with the S&P closing at a fresh five-year high of 1,472.34.
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On the data front, the Labor Department releases December Real Earnings and Consumer Price Index at 8:30 a.m. ET(1330 GMT). Economists in a Reuters survey expect an unchanged CPI reading, while excluding food and energy items CPI is seen up 0.2 percent.
Real Earnings are seen a 0.3 percent higher, compared with a 0.5 percent rise in November.
A slow economic recovery in developed nations is holding back the global economy, the World Bank said, as it sharply cut its outlook for world growth in 2013. Global gross domestic product will rise 2.4 percent this year, the bank said, down from its June forecast of 3.0 percent growth in 2013.
(Reporting by Rodrigo Campos; Editing by Bernadette Baum)