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08:00 am : S&P futures vs fair value: -8.40. Nasdaq futures vs fair value: -12.00. Regulators are expected to approve today the capital-raising plans of several banks, according to The Wall Street Journal, while the Fed is expected to announce which financial firms will be allowed to repay TARP funds. According to The Washington Post, the size of the repayments could be double the Treasury's initial $25 billion estimate. In corporate news, General Mills (GIS) coveyed a sense of confidence by stating that its current earnings forecast for fiscal 2009 exceeds its most recent guidance, which called for adjusted earnings that range from $3.87 to $3.89 per share. Meanwhile, the consensus estimate currently calls for $3.90 per share. General Mills went on to state that it will provide specific guidance for 2010 on July 1, but also that the company is comfortable with the 2010 consensus estimate of $4.15 per share. Shares of GIS are up roughly 1.6% to $53.00 per share ahead of the opening bell, but broader stock market futures point to a lower start for the session.
 
08:30 am : S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -14.00. Stock futures continue to suggest a downward start is in order for the major U.S. indices. Sellers have also taken control of trading in Europe, where Germany's DAX, Britain's FTSE, and France's CAC are all trading with losses. The DAX is currently off by 1.6% amid weakness in 26 of its 30 components; Deutsche Bank (DB) is leading losses. The FTSE is down 1.6% as steel and metals outfits BHP Billiton (BHP), AngloAmerican (AAUK), and Rio Tinto (RTP) trade as primary laggardrs. The CAC is trading 1.2% lower with broad-based weakness of its own as more than 90% of its components currently trade with losses. Energy giant Total (TOT) is casting some of the heaviest weight on the index. In Asia, Japan's Nikkei managed to conclude the week's first trading session with a 1.0% gain. Canon (CAJ) and Kyocera were among the session's primary leaders. Meanwhile, Hong Kong's Hang Seng shed 2.3% as HSBC (HBC) and CNOOC (CEO) led losses.
 
08:35 am : S&P futures vs fair value: +2.30. Nasdaq futures vs fair value: +8.30. The major European indices are trading with modest gains. Germany's DAX is currently up fractionally following news that the country's industrial output fell 1.9% month-on-month in April. Volkswagen is currently a primary leader in the DAX, but Daimler (DAI) is a primary laggard. Meanwhile, Britain's FTSE is up 0.1% following news from Reuters that British house prices fell 0.8% in May from one year ago, marking the slowest annual decline in more than one year. BP PLC (BP) is currently a primary leader in the FTSE, but Royal Dutch Shell (RDS.A) is trading with weakness. In France, the CAC is up 0.2% as financial outfits BNP Paribas and AXA (AXA) show leadership. Societe Generale is lagging, though. In Asia, Hong Kong's Hang Seng fell 1.1%. Industrial and Commercial Bank of China and China Construction Bank both weighed on trading. CNOOC was also a primary laggard. In Japan, the Nikkei slipped 0.8%. Softbank and Tokyo Electronics were primary leaders, while Honda Motor (HMC) and Trend Micro lagged.
 
wholesale inventories for April slipped 1.4%, which is a bit steeper than the 1.2% decline that was expected. The previous report was revised lower to reflect a 1.8% decline. Wholesale inventories have declined for eight consecutive months.
 
08:02 am : S&P futures vs fair value: +9.40. Nasdaq futures vs fair value: +11.00. Impressive gains overseas are helping stoke support for U.S. stock futures, which are near their June highs and suggest a strong start to the session is in order. Oil futures prices are also pushing higher ahead of pit trading. Oil prices registered fresh 2009 highs of $71.65 per barrel in electronic trading earlier this morning, but are currently trading at $71.20 per barrel, up 1.8% from the close of pit trading Tuesday. The upward move in oil prices has shares of oil and gas equipment and services outfits like Haliburton (HAL) and National-Oilwell Varco (NOV) trading markedly higher in premarket action. Integrated outfits like Exxon Mobil (XOM), Chevron (CVX), and Hess (HES) are also garnering support ahead of the opening bell.
 
09:00 am : S&P futures vs fair value: +7.20. Nasdaq futures vs fair value: +8.30. Stock futures have drifted lower from earlier levels, but continue to point to an upward start for the session. Shares of Home Depot (HD) are up more than 2% to $24.89 per share in premarket trading. The company has won support after stating that it now expects earnings per share from continuing operations to be flat to down 7% year-over-year. The company had forecast a drop of 7%. On an adjusted basis, Home Depot expects earnings from continuing operations to decline by 20% to 26%. The company had previously forecast a drop of 26%. The new outlook for adjusted earnings calculates to the approximate range of $1.31 to 1.42 per share, which is generally in-line with the current consensus estimate of $1.40 per share.
 
08:35 am : S&P futures vs fair value: +0.70. Nasdaq futures vs fair value: -3.50. The advance retail sales report for May proved pleasing by avoiding the third straight monthly decline in total retail sales and retail sales less autos. May total retail sales increased 0.5%, while retail sales excluding autos also increased 0.5%. Total retail sales were expected to increase 0.5%, while retail sales less autos were expected to increase just 0.2%.
 
initial jobless claims for the week ending June 6 totaled 601,000, which is down from the prior week's upwardly revised 625,000. The consensus estimate called for the latest initial claims total to hit 615,000. Continuing claims climbed to a new record high by hitting 6.82 million, which is above the 6.78 million claims that were expected, and up from the 6.76 million that were registered the previous week.
 
Briefing.com : Some reports suggest that the positive tone seen in premarket trading stems from an article in The Wall Street Journal that cites the OECD's claim that the global recession is close to bottoming out. The claim contrasts the World Bank's decision earlier this week to trim its forecast for the global economy.
 
Briefing.com: Durable goods orders for May increased 1.8%, which is far better than the 0.9% decline that was expected. Excluding transportation, durable goods orders increased 1.1%.
 
S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +0.50. The final reading for first quarter GDP is scheduled for release at 8:30 AM ET. The 5.7% annualized decline for the quarter is expected to remain unchanged. Weekly jobless claims data are also due at the bottom of the hour.
 
Factory orders for May increased 1.2%, which is better than the 0.9% increase that was expected and up from the previous month's 0.5% increase.
 
Just hitting news wires, wholesale inventories for May decreased 0.8%, which is less than the 1.0% decrease that had been expected. Wholesale inventories for April were revised slightly higher to reflect a 1.3% decrease
 
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