July 02, 2012-Futures Flat After Recent Gains and Data

Wall Street's euphoria over EU measures seems to be vaporizing, as reflected by the U.S. index futures, which point to a narrowly mixed opening on Monday. Some of the nervousness may be in anticipation of the release of the results of the Institute for Supply Management's manufacturing survey shortly after the markets open. That said, reflecting the waning of risk appetite, most risk asset classes are retreating. Although Wednesday's public holiday may serve to keep trading activity subdued, M&A announcements may render some color to the markets. The Dow futures are adding 7 points and the S&P 500 futures are gaining 1.60 points, while the Nasdaq 100 futures are moving down 0.25 points. U.S. stocks advanced in the week ended June 29th, capitalizing on the resolve of the European leaders to find a genuine solution for the debt malaise plaguing the region. Along with other risk assets, equities also rallied, with energy and housing stocks leading the gains.