Stock futures are mixed this morning, but not by much. The Dow is down 2 points, and the Nasdaq is up 3.5 points. Fair value for the S&P 500 is $3.16. According to HL Camp, buy programs are set at $4.42 and sell programs set at $2.20.
Business cut back on their inventories by 0.4 percent in June, the biggest drop in three months, and better than economists 0.3 percent prediction. But sales dropped 1.4 percent, the largest decline since August of 1992. That puts the inventory to sales ratio at 1.43, only slightly better than the reading of 1.44 in April.
The U.S. dollar continues to weaken over the International Monetary Fund's warning that the U.S. current account deficit could destabilize the currency. December gold futures are only up slightly on the currency's decline.
Bond yields are lower this morning, with the yield on the 30-year back below 5.5%, and the 10-year below the psychological 5.0% level.
Dell is down 32 cents in pre-market trading as rumors start to mount that they will meet earnings, but guide lower for the 3rd quarter.
Payless Shoes (PSS) and Federated (FD) posted better than expected earnings before the bell, but Metromedia Fibre (MFNX) missed by two cents.