U.S. stocks are starting the day trading in positive territory. The S&P 500 is up 6 points to trade at 2,071, the Dow Jones Industrial Average is rising by 54 points to 17,828 and the Nasdaq is higher by 8 points to 4,782.
The S&P Retail ETF is lower by 2 cents to sell at $44.28. Gold popped up more than $1,300 an ounce at one point this morning, but was lately back to $1,298. The jump was as a result of the dollar finally beginning to weaken against other currencies.
National Retail Properties delivered first-quarter results that beat analyst expectations for earnings, but were just shy of the revenue estimates. The real estate investment trust based in Orlando, Fla., reported revenues of $126 million versus the FactSet estimate of $127 million, but beating last year’s revenues of $116 million for the same time period. The funds from operations, or FFO, per common share were 58 cents, which was a cent better than the FactSet estimate of 57 cents a share. National Retail also raised guidance for fiscal year 2016 and now expects FFO to be in the range of $2.36 to $2.41, up from $2.34 to $2.40. The stock is rising by 2 percent to $44.72 in early trading.
Puerto Rico will miss a $422 million bond payment to the Government Development Bank today. It will be the largest default to date for the country. Most of the bonds are held by U.S. hedge funds and mutual funds.
Looking ahead, it’s a big week for earnings from retail and beauty companies. Coty Inc. and The Estée Lauder Cos. Inc. are reporting on Tuesday, while Avon and Sally Beauty will on Thursday. Revlon finishes the week on Friday. Tech fashion companies on deck this week are Etsy on Tuesday and Fitbit Inc. on Wednesday, while Alibaba and Blue Nile report on Thursday.
Elsewhere, both the Hong Kong Hang Seng and the Chinese Shanghai Composite were closed for trading. Japan’s Nikkei dropped 3.1 percent as the value of the yen rose, pushing the stock prices lower.
In Europe, the U.K. FTSE was closed, while the French and German markets were trading higher. Italian banks got slammed as the bailout fund for the banks failed to gather interest.