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U.S. stock futures traded in a narrow, slightly lower range Monday morning. Investors remained concerned about possible monetary tightening in China, the growing risks to credit ratings of Triple-A nations after pushing Wall Street to 18-month highs. Attention was also turned to the upcoming Federal Reserve meeting.The Federal Reserve is scheduled to meet Tuesday. While it is unlikely to raise a key interest rate from historic lows, the policy statement, released Wednesday, may contain clues as to when the Fed might make a move.
Meanwhile, Moody's Investors Service said the risks are growing to the debt of the the four largest AAA-rated countries -- Germany, France, the U.K. and the U.S. -- although the U.S. and the U.K. are even in greater danger than France and Germany. Also, senator Chris Dodd is expected to present a bill Monday to overhaul financial regulation.
Some economic releases investors will eye today include the Empire State and home-builders index for March due at 8:30 a.m. Eastern. Shotely before the opening bell, industrial production and capacity utilization for February will also be released.
Overseas, world stock markets fell Monday. Chinese Premier Wen Jiabao warned of a double-dip recession even as investors remained concerned China would tighten monetary policy soon, which could slow the global recovery. In the euro-zone, finance ministers are meeting in Brussels with Greece again in focus, with continued speculation over the details of the support countries may offer the Hellenic Republic.
Among stocks in the news, PepsiCo (PEP) said Monday it would raise its annual dividend and share repurchase program;
Phillips-Van Heusen (PVH) is acquiring Tommy Hilfiger for about $3 billion; and Bank of America (BAC) plans to seek approval to expand its operations in China.
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