Thursday, March 29, 2012

Stocks: Greece's debt talks in focus

NEW YORK (CNNMoney) -- As investors return from the weekend, Monday is already starting off a lot like Friday did: Greece's debt talks are still in limbo, and U.S. companies continue to report earnings.

S&P 500 (SPX), Dow Jones industrial average (INDU) and Nasdaq (COMP) futures gained 0.1% ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

Greek debt talks are said to be progressing, but officials have yet to announce a deal to scale back the nation's overwhelming debt load.

The deal is a key condition for Greece to receive additional bailout funds from the European Union and International Monetary Fund. Without this financial support, Greece may not be able to make a €14 billion payment it owes on bonds that comes due March 20.

Eurozone finance ministers are also holding a two-day meeting that kicks off Monday, and the debt talks will likely dominate the talks.

Greek debt talks in limbo

Tech stocks were getting an early boost after BlackBerry maker Research in Motion (RIMM) announced its co-CEOs Jim Balsillie and Mike Lazaridis will hand over the top job to former Chief Operating Officer Thorsten Heins. Shares rose more than 3% in premarket trading.

All three indexes closed out last week more than 2% higher, buoyed by solid corporate earnings from Wall Street banks and some of the nation's largest tech firms.

Economy: While anxieties over Europe remain, this week is also busy with U.S. economic news.

The Federal Reserve starts a two-day meeting on Tuesday, and for the first time ever, the central bank will release forward-looking forecasts for the federal funds rate. The government also releases its first estimate of fourth-quarter economic growth on Friday.

"There are some concerns off and on about Europe, but I think the focus is really going to be on the Fed policy announcement on Wednesday, and GDP numbers later in the week," said Scott ! Brown, c hief economist at Raymond James.

World markets: European stocks gained in morning trading. Britain's FTSE 100 (UKX) rose 0.6%, the DAX (DAX) in Germany added 0.4% and France's CAC 40 (CAC40) ticked up 0.4%.

Markets in Hong Kong and China are closed Monday for Chinese New Year. Japan's Nikkei (N225) ended flat.

Companies: Shares of Carnival Corp. (CCL), which owns the grounded Italian cruise liner Costa Concordia, slumped 2% in premarket trading. Carnival's stock has dropped nearly 8% since the Jan. 13 accident.

Oilfield services giant Halliburton (HAL, Fortune 500) released quarterly results that beat the Street on both earnings and revenue, but its shares edged lower in premarket trading.

Currencies and commodities: The dollar lost ground against the euro and the Japanese yen, but rose versus the British pound.

Oil for March delivery added 75 cents to $99.08 a barrel.

Gold futures for February delivery rose $7 to $1,671 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 2.03%.  

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