March 15, 2013-Overbought Markets Create a Cautious Mood

After the stellar run up that has been aided by positive economic tidings, Wall Street mood appears to be cautious, as it awaits another batch of market moving economic numbers. The U.S. index futures currently point to a slightly lower open. Earlier in the day, Asian stocks closed mixed, while European stocks are uniformly lower, as the European leaders meet at Brussels for the second day. The domestic markets will now turn to a regional manufacturing survey, which will give the first glimpse into the manufacturing sector in March, the industrial output data and a consumer sentiment reading to provide further clarity on the economic outlook. The Dow futures are moving down 2 points, while the S&P 500 futures are slipping 1.80 points and the Nasdaq 100 futures are declining 1.25 points. U.S. stocks extended its gains on Thursday after the U.S. jobless claims report unexpectedly fell in the recent reporting week.