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08:02 am : S&P futures vs fair value: -1.90. Nasdaq futures vs fair value: -12.00. Stock futures currently point to a downward start for the major indices. Semiconductor bellwether Intel (INTC) announced last evening first quarter earnings of $0.11 per share, which bested the consensus estimate of $0.03 per share. During its conference call, Intel indicated that it expects second quarter business conditions to mirror those of the first quarter; the company offered an in-line revenue outlook for the second quarter. Intel also stated that a bottom in the personal computer market has been reached and that they believe the worst is now behind them from an inventory correction and demand perspective. Despite the upbeat tone of the report, INTC is trading roughly 4% lower at $15.38 per share in premarket action. Rail carrier CSX (CSX) announced better-than-expected first quarter results of its own; the company generated $0.62 per share, while analysts were looking for just $0.51 per share. CSX indicated that lower volume stemmed from weakness in industrial production, housing starts, and consumer spending. Abbott Labs (ABT) announced this morning adjusted earnings of $0.73 per share, which is $0.03 better than the $0.70 per share consensus estimate. Abbott also issued in-line guidance. Its shares were quoted almost 5% lower at $42.56 per share ahead of the opening bell. March Consumer Price Index data is due at the bottom of the hour; economists expect the CPI to increase 0.1% after a 0.4% increase in February.
 
08:32 am : S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -10.00. Consumer prices for March decreased 0.1% month-over-month, which is less than the 0.1% increase that was widely forecast, and down from the prior reading's 0.4% monthly increase. Core consumer prices increased 0.2% month-over-month; like the headline reading, core prices were expected to increase by a modest 0.1%. Core prices for February had increased 0.2% as well. Separately, the April Empire State Manufacturing Index came in at -14.65, improved from the prior reading of -38.2 and better than the -35.00 reading that was expected.
 
The Fed just released its Beige Book. It indicates overall economic activity contracted further or remained week. Five of the 12 districts reported a moderation in the pace of decline, however. It also indicated that home prices and home building are still falling, but there have been scattered pickups in some districts.
 
08:06 am : S&P futures vs fair value: -7.20. Nasdaq futures vs fair value: -8.30. Futures suggest a lower start as investors digest earnings estimates. SanDisk (SNDK) and Yahoo! (YHOO) reported positive results, while Boeing (BA) and Capital One (COF) reported disappointing numbers. Morgan Stanely (MS) reported a larger-than-expected loss of $0.57 versus the consensus that called for a loss of $0.08 and also cut its dividend to $0.05 per share.
 
08:34 am : S&P futures vs fair value: -10.80. Nasdaq futures vs fair value: -12.00. Futures continue to suggest a lower start, with S&P 500 futures recently hitting session lows. In overseas trading, Asian markets were mixed. Japan's Nikkei gained 0.2% as shares of Pioneer rallied 17% on reports that the electronics maker may apply for state funds, while Elpida spiked 15% on a its plan to raise chip prices and reports it was seeking $500 million in public funds. Hong Kong's Hang Seng, however, fell 2.7% in conjunction with a 2.9% decline in the Shanghai Composite on the view that regulators may tighten new lending following the record growth in the first quarter. In Australia, a surprising 1.1% increase in first quarter core inflation has strongly reduced chances of another interest rate in the coming month. Meanwhile in Europe, markets are posting modest losses, falling with U.S. futures, with London's FTSE down 0.7%, France's CAC down 0.6% and Germany's DAX down 0.6%.
 
09:17 am : S&P futures vs fair value: -10.40. Nasdaq futures vs fair value: -11.50. A lower start is expected as futures trade at or near session lows following a barrage of earnings reports. Morgan Stanley (MS) added to the negative bias after the company reported a loss of $0.57 per share, worse than the consensus estimate that called for a loss of $0.08 per share. MS also had a net loss of $1.3 billion in December 2008, which was reported separately due to the company changing its fiscal year from Nov. 30 to Dec. 31. Shares of MS are down 8% in premarket trade. Other notable companies that fell short of earnings estimates include Boeing (BA) and Capital One (COF). In positive earnings news, AT&T (T), McDonald's (MCD) and Yahoo! (YHOO) topped estimates. Meanwhile, Wells Fargo's (WFC) Q1 results were slightly better than company's preannouncement. Separately, Treasury Secretary Geithner is currently participating in a question and answer session at the The Economic Club of Washington DC.
 
08:03 am : S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +8.00. Stock futures are sporting a commanding lead over fair value, suggesting a markedly higher start for the major indices may be in order. The upbeat tone follows much better earnings results from Apple (AAPL) than were expected. Apple earned $1.33 per share, while analysts were expecting just $1.09 per share. The better-than-expected earnings results mark the 25th consecutive quarter in which Apple's earnings have exceeded analysts' expectations. However, Apple issued cautious guidance, in typical fashion. The company expects earnings in the current quarter to range from $0.95 to $1.00 per share, which is less than the $1.12 that Wall Street is currently forecasting for the quarter. Shares of AAPL are up 3.7% to $125.94 per share in premarket trading. eBay (EBAY) earned an adjusted $0.39 per share for its latest quarter. That was $0.05 more than the consensus estimate of $0.34 per share. eBay expects the current quarter's earnings to range from $0.34 to $0.36 per share, which brackets the $0.35 per share that analysts are currently forecasting. EBAY is up 6.6% to $15.75 per share in premarket. UPS (UPS) posted adjusted earnings of $0.52 per share for its first fiscal quarter. That was $0.04 shy of the $0.56 per share that was widely expected. UPS compounded the offense by issuing downside guidance; the company expects second quarter earnings to range from $0.45 to $0.55 per share, which misses the $0.65 per share that is currently being forecast by analysts. UPS isdown 3.0% to $53.10 in premarket. Separate earnings reports continue to hit news wires, but early participants are preparing for the latest batch of weekly jobless claims data, which is due at the bottom of the hour.
 
08:35 am : S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +6.50. Initial jobless claims for the week ending April 18 totaled 640,000, which is spot on with economists' consensus estimate, but up 27,000 from the prior week. The prior week's reading was revised modestly higher to 613,000 claims. Including last week's revised data, the four-week moving average now stands at 647,500, up from 651,750. Continuing claims climbed further past the 6 million mark by totaling 6.14 million, which is up almost 100,000 from the prior week. Continuing claims were expected to total 6.12 million. Stock futures have shown little response to the data and continue leading fair value.
 
09:17 am : S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +7.80. A late selloff in the final hour of the prior session has failed to carry over into premarket trading. Instead, participants are bidding stocks higher ahead of the opening bell as they respond to better-than-expected earnings results from the likes of consumer-dependent companies Apple (AAPL) and eBay (EBAY), along with energy outfits ConocoPhillips (COP), National Oilwell Varco (NOV), and Occidental Petroleum (OXY). Utilities giant Exelon (EXC), regional bank PNC Financial (PNC), and medical equipment company Zimmer Holdings (ZMH) beat earnings expectations as well. Of all the companies reporting, UPS (UPS) was a standout, but for the wrong reason. UPS posted earnings results that missed analysts' expectations, and even issued downside guidance. Separately, weekly jobless claims data continue to reflect a challenging job environment. Initial claims climbed in-line with expectations, but continuing claims keep advancing to record highs.
 
09:05 am : S&P futures vs fair value: -12.70. Nasdaq futures vs fair value: -17.80. Early participants are pushing stock prices downward ahead of the opening bell. The selling pressure comes after stocks logged a weekly decline of roughly 0.4% last week, which was the first weekly loss after six weeks of gains. The relatively modest downturn came as participants moved to consolidate recent gains, while buyers attempted to pick up on lower stock prices in hopes of taking part in future rallies. In corporate news, General Motors (GM) is restructuring its operations in an attempt to become a more viable company. Despite weakness in the broader market, shares of GM are trading roughly 5.9% higher to $1.79 per share in premarket trading.
 
08:35 am : S&P futures vs fair value: +7.90. Nasdaq futures vs fair value: +9.80. First quarter GDP declined 6.1%, which is much worse than the 4.7% decline that was widely expected, but up slightly from the 6.3% drop that was experienced in the fourth quarter. Despite rising unemployment, personal consumption swung from a 4.3% decrease in the fourth quarter to a 2.2% increase in the first quarter; economists expected a modest increase of 0.9% for the first quarter. Core personal consumption expenditures climbed 1.5% after increasing 0.9% in the fourth quarter. Core PCE was expected to increase just 1.3%. Stock futures continue to sport a strong lead over fair value.
 
09:15 am : S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +8.30. A positive tone continues to permeate premarket trading, suggesting that a solid start is in order for the major indices. The upbeat tone was undeterred by a worse-than-expected GDP reading, which showed that first quarter economic activity declined 6.1%. The consensus called for a 4.7% decline. However, news that personal consumption swung from a 4.3% decrease in the fourth quarter to a 2.2% increase in the first quarter has some participants feeling encouranged. News from Bloomberg.com that at least six of the 19 largest U.S. banks may require additional capital has also failed to discourage investors ahead of the opening bell. Instead, bank stocks are showing strength.
 
08:00 am : S&P futures vs fair value: +12.10. Nasdaq futures vs fair value: +20.00. Approximately 150 companies are scheduled to report their latest quarterly results this morning. Thus far, earnings per share results have generally been better-than-expected, helping to prop up stock futures. Dow component Procter & Gamble (PG) generated $0.84 per share for its latest fiscal quarter. The earnings results were $0.04 better than the consensus of $0.80 per share. The company indicated it is comfortable with analysts' current consensus earnings per share estimate of $4.22 per share for the company's fiscal year. Shares of PG are up 2.1% to $51.49 per share in premarket action. Peer Colgate-Palmolive (CL) generated earnings of $0.97 per share during the first quarter. Analysts, on average, were looking for just $0.96 per share. The company expressed that it is comfortable with external profit expectations for the second quarter and the year; the current second quarter consensus stands at $1.05 per share, while the full-year consensus stands at $4.21 per share. Shares of CL are up nearly 2.2% to $61.00 per share ahead of the opening bell. Last evening, Visa (V) announced earnings of $0.73 per share for its second fiscal quarter. The consensus called for $0.64 per share. Visa sees annual adjusted diluted common stock earnings per share growth exceeding 20%. Shares of V are up nearly 1.9% to $64.74 per share in premarket trading. At the bottom of the hour, participants will turn their attention to the latest jobless claims data. Personal income and spending data for March are scheduled to be released simultaneously.
 
08:35 am : S&P futures vs fair value: +11.00. Nasdaq futures vs fair value: +17.00. Initial jobless claims for the week ending April 25 totaled 631,000, which isn't quite as bad as the 640,000 initial claims that were expected. Initial claims decreased 14,000 from the prior week. Meanwhile, continuing claims climbed 133,000 from the prior week to reach a record high of 6.27 million. That is a bit more than the 6.20 million continuing claims that were widely anticipated. Separately, personal income for March slipped 0.3%, which is generally on par with the decline of 0.2% that was expected. February's reading was revised upward to reflect no change. Meanwhile, personal spending for March decreased 0.2%. It was expected to decrease 0.1% following an upwardly revised 0.4% increase in the prior month. Core personal consumption expenditures increased 0.2% month-over-month, and increased 1.8% year-over-year. Economists were expecting a month-over-month increase of 0.1% and a year-over-year increase of 1.8%. Stock futures continue pointing to a solid start for the major indices.
 
09:02 am : S&P futures vs fair value: +10.90. Nasdaq futures vs fair value: +15.80. Strength in European bank stocks and financial services stocks is helping lift the DAX, FTSE, and CAC to higher ground. Germany's DAX is currently sporting a 2.4% gain as Muenchener Rueckver and Allianz (AZ) trade markedly higher. Commerzbank and Deutsche Bank are also showing strenght, while Deutsche Boerse is among the session's primary leaders. Britain's FTSE is up XX% as HSBC (HBC), Standard Chartered, and Barclays (BCS) provide leadership. Shares of BCS were actually upgraded by analysts at Royal Bank of Scotland. Lloyd's Group (LYG) is also showing strength, but its shares were downgraded by analysts at Royal Bank of Scotland. In France, the CAC is up XX% amid strength in BNP Paribas, AXA (AXA), and Societe Generale. In Asia, the MSCI Asia-Pacific Index advanced 3.3% on better-than-expected Japanese production data and news that a mainland Chinese firm is making an investment in Taiwan for the the first time since 1949. Meanwhile, Japan's Nikkei climbed 3.9% amid strength in exporters, which was spurred by reports that Japanese industrial production for March climbed 1.6%. That was a greater increase than expected, and the first advance in six months. Honda (HMC) saw strong gains after forecasting a small profit for this year. However, Pioneer tumbled after the company said it aimed to raise capital to shore up its balance sheet. After the Nikkei closed, the Bank of Japan said that Japan's economy is likely to start recovering moderately in the second half of this financial year. Dow Jones reported the central bank voted to keep its overnight call loan rate unchanged at 0.10%. In Hong Kong, the Hang Seng closed advanced 3.8%. Foxconn International soared in response to China Mobile's (CHL) indication that it will buy a 12% stake in Taiwanese mobile carrier Far EasTone. Mainland China's Shanghai Composite closed 0.4% higher. In Taiwan, the Taiex closed 6.7% higher, which is the biggest gain since 1991. Buying followed news that Far EasTone Telecommunications would receive an investment from China Mobile.
 
Briefing.com: plenty of hurdles threaten to undermine consumer spending, namely mounting job losses. Initial jobless claims for the week ending April 25 were down 14,000 week-over-week to 631,000, just below the 640,000 initial claims that were expected. Continuing claims climbed 133,000 to reach a record high of 6.27 million, which was a bit more than expected. Separate economic reports indicate personal income for March slipped 0.3%, while personal spending decreased 0.2%. Both readings were largely in-line with expectations.
 
09:00 am : S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +0.80. MasterCard generated first quarter earnings of $2.80 per share, which is $0.19 better than the consensus estimate of $2.61 per share. However, MasterCard's revenue declined moderately year-over-year to $1.16, which was a bit short of the $1.21 billion that was widely expected. MasterCard attributed the downturn to the unfavorable impact of currency exchange rates, higher rebates, and incentives. Shares of MA are down 4.1% to $175.88 per share in premarket action. Shares of Chevron (CVX) are down fractionally to $65.80 per share in premarkt trading after the company reported first quarter earnings of $0.92 per share, which include a $0.20 per share gain on asset sales. Chevron's top line fell 45% year-over-year to $36.13 billion. According to its press release, Chevron's average sales price per barrel of crude oil and natural gas liquids was $36 in the latest quarter, down $51 from a year earlier. Meanwhile, stock futures for the broader market have pulled back a bit and now point to a relatively flat start.
 
Briefing.com: the Federal Reserve Board announced that, starting in June, commercial mortgage backed securities and securities backed by insurance premium finance loans will be eligible collateral under the TALF
 
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