U.S. equity futures are mixed this morning. At about 7:55 a.m. ET, the S&P 500 futures were down 0.25 and the Dow futures down 27.00, but the Nasdaq futures were up 6.75.
The great gold bust continues as gold and other precious metals continue to trade at nearly five-year lows amid a continuing strengthening of the dollar as expectations are set for a U.S. rate hike this year. At the same time, oil continues to drop as it seems the market is anticipating additional volume from Iran and as Saudi Arabia continues to produce at record levels.
But before we get all excited about the oil from Iran, reports this morning quote U.S. Secretary of State John Kerry as saying that remarks by Iranian Supreme Leader Ali Khamenei on Saturday were "very disturbing, very troubling." The Ayatollah in a speech said that despite the deal made with the U.S. and the world powers, Iran's policy toward the U.S. will not change, to which the crowd responded with chants of "Death to America."
The Wall Street Journal has reported that Qualcomm (QCOM) is going to conduct a strategic review with a breakup of the company -- as many have long called for -- being one of the paths considered.
Earnings season is off and running today with some notable reports from companies that include Baker Hughes (BHI), Fifth Third Bancorp (FITB), Wolverine World Wide (WWW), Travelers Cos. (TRV), Trifecta Stocks holdings United Technologies (UTX), TD Ameritrade (AMTD) and Linear Technology (LLTC), and more earnings from Harley-Davidson (HOG), Pentair (PNR), Verizon (VZ), Chipotle Mexican Grill (CMG), Hub Group (HUBG), GoPro (GPRO), Intuitive Surgical (ISRG), Yahoo! (YHOO), Microsoft (MSFT), VMware (VMW), Apple (AAPL), and Packaging of America (PKG).
This morning at 8:55 a.m. we get the Redbook weekly sales report, and at 4:30 p.m. the API weekly oil inventories are released.