May 07, 2013-Stocks Cautious at Record Levels

After holding up fairly well in the previous session, Wall Street is once again sporting a flustered look, given the lack of any major trading catalysts. The index futures are pointing to a slightly higher open on Tuesday. The S&P 500 Index closed at a new record closing high on Monday, although the Dow Industrials settled shy of its highs. European stocks have managed to stay afloat, as positive bank earnings from the region have offered some encouragement. The domestic markets may react to some earnings from companies and the consumer credit report due to be released by the Federal Reserve in the post-noon session. The Dow futures are moving up 23 points, the S&P 500 Index futures are gaining 1.40 points and the Nasdaq 100 futures are advancing 5.50 points. After seeing some volatility for much of Monday's session amid a lack of any major catalysts and the overbought levels of the markets, U.S. stocks closed on a mixed note. On the economic front, the Federal Reserve is due to release its report on outstanding consumer credit for March at 3 pm ET. Economists expect outstanding consumer credit to swell by $15 billion from an $18.l billion increase in February. The Treasury is set to announce the results of a Treasury auction of 3-year notes at 1 pm ET.