Stock market set for muted start
S&P futures vs fair value: -4.90. Nasdaq futures vs fair value: +0.30. The stock market is headed for a muted start to end the second quarter. The S&P 500 futures trade five points, or 0.2%, below fair value but the benchmark index is up 18.1% this quarter. Boeing (BA 188.20, -6.29, -3.2%) shares are pulling back from yesterday's 14% surge, while Wells Fargo (WFC 25.30, -0.40, -1.6%) slips after reducing its Q3 dividend following its stress tests results. Micron (MU 51.98, +2.83, +5.8%) and Xilinx (XLNX 96.55, +4.59, +5.0%) are up noticeably following some positive news. Micron topped quarterly expectations and issued upbeat guidance while Xilinx issued upside revenue guidance for its July and September quarters. The semiconductor space could be an area of relative strength today. The S&P Case-Shiller Home Price Index, which was released a short time ago, increased 4.0% in April (Briefing.com consensus 4.1%) following a 3.9% increase in March.