Stock futures retain gains; waiting on Draghi
Green Mountain Coffee up in preopen, Abercrombie & Fitch tumbles
NEW YORK (MarketWatch) — U.S. stock-index futures held gains Thursday after the European Central Bank left its key rate unchanged, as expected, and looked to comments from ECB President Mario Draghi.
Wall Street has spent the past three sessions largely treading water waiting to hear how Draghi follows up after the ECB head promised to do all that is needed to save the euro.
Draghi must explicitly spell out what he plans to do in conjunction with the European Financial Stability Facility and European Stability Mechanism, noted Peter Boockvar, equity strategist at Miller Tabak.
“He made himself the center of attention last week and he’ll lose a lot of credibility if there is just vague talk today about doing ‘whatever it takes to preserve the euro.’ Details are what the markets now demand,” wrote Boockvar of Draghi’s coming news conference, scheduled for 8:30 a.m. Eastern.
Futures for the Dow Jones Industrial Average (CBOT
JU2) rose 66 points to 12,989, while those for Standard & Poor’s 500 index (GLC:SPU2) gained 7.1 points to 1,377.50. Those for the Nasdaq-100 index (CME:NDU2) added 14.25 points to 2,639.25.
http://www.marketwatch.com/story/stock-future...2012-08-02
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