25/05/2004 16:35
U.S. stocks looked to open lower Tuesday as oil prices remained close to record highs.
Early Tuesday, Nasdaq and S&P futures were lower, even as oil prices retreated in London trading.
U.S. light crude futures slipped 29 cents to $41.43 a barrel, after reaching a July contract high of $41.83 a barrel Monday; the all-time record price of $41.85 a barrel was set May 17. Brent oil futures dipped 43 cents to $37.74 a barrel in London.
The latest reading of consumer confidence from the private research organization The Conference Board is due at 10 a.m. ET. Economists surveyed by Briefing.com forecast the index will rise to 94.0 from 92.9 in April.
However, the University of Michigan's survey earlier this month was little changed after being forecast to rise, as an improved employment outlook was balanced by concerns over rising energy costs and interest rates.
Also due at 10 a.m. ET is a report from the National Association of Realtors on existing home sales. Economists see the annual sales rate slipping to 6.45 million in April from 6.48 million rate in March, which was the second-highest rate ever.
Mortgage rates have risen from near 40-year lows reached in March, although the improved employment outlook is seen supporting the home market in the face of higher interest rates.
U.S. markets ended mixed Monday amid new concerns about the high price of oil. The Dow Jones industrial average slipped 0.1 percent, while the Nasdaq composite index was 0.6 percent higher.
Asian-Pacific stocks were hurt by oil concerns Tuesday; Tokyo's Nikkei index lost 1-1/4 percent. European markets retreated in early trade. (Check the latest on world markets)
Among U.S. stocks trading in Europe, Coca-Cola (KO: Research, Estimates) slipped nearly 1 percent. The soft drink maker unveiled its new low-carb cola, with free samples slated for release in selected markets throughout the nation.
Treasury prices were slightly higher, as the 10-year note yield fell to 4.72 from 4.73 percent late Monday. The dollar retreated against the euro, but turned higher versus the yen.
SBC Communications (SBC: Research, Estimates) and a union representing 100,000 of its employees reached a tentative agreement early Tuesday on a new five-year contract following a four-day walk-out by union members in 13 states. The pact includes higher health care costs for the employees but includes an average 2.3 percent raise for each year of the contract and a guaranteed a job offer if the union member's current position is eliminated.
Krispy Kreme Doughnuts (KKD: Research, Estimates) trimmed its growth plans as it posted first-quarter earnings of 23 cents a share, matching a revised forecast that followed the company's May 7 warning that the low-carb diet craze was hurting results. The results were above the 21 cents earned a year earlier.
Shares of medical device maker Medtronic (MDT: Research, Estimates) rose 1.4 percent in after-hours trading Monday after the company reported higher quarterly earnings, driven by strong sales across all of its major product lines. The largest manufacturer of pacemakers announced a recall of its insulin infusion kits last week.
Early Tuesday, Nasdaq and S&P futures were lower, even as oil prices retreated in London trading.
U.S. light crude futures slipped 29 cents to $41.43 a barrel, after reaching a July contract high of $41.83 a barrel Monday; the all-time record price of $41.85 a barrel was set May 17. Brent oil futures dipped 43 cents to $37.74 a barrel in London.
The latest reading of consumer confidence from the private research organization The Conference Board is due at 10 a.m. ET. Economists surveyed by Briefing.com forecast the index will rise to 94.0 from 92.9 in April.
However, the University of Michigan's survey earlier this month was little changed after being forecast to rise, as an improved employment outlook was balanced by concerns over rising energy costs and interest rates.
Also due at 10 a.m. ET is a report from the National Association of Realtors on existing home sales. Economists see the annual sales rate slipping to 6.45 million in April from 6.48 million rate in March, which was the second-highest rate ever.
Mortgage rates have risen from near 40-year lows reached in March, although the improved employment outlook is seen supporting the home market in the face of higher interest rates.
U.S. markets ended mixed Monday amid new concerns about the high price of oil. The Dow Jones industrial average slipped 0.1 percent, while the Nasdaq composite index was 0.6 percent higher.
Asian-Pacific stocks were hurt by oil concerns Tuesday; Tokyo's Nikkei index lost 1-1/4 percent. European markets retreated in early trade. (Check the latest on world markets)
Among U.S. stocks trading in Europe, Coca-Cola (KO: Research, Estimates) slipped nearly 1 percent. The soft drink maker unveiled its new low-carb cola, with free samples slated for release in selected markets throughout the nation.
Treasury prices were slightly higher, as the 10-year note yield fell to 4.72 from 4.73 percent late Monday. The dollar retreated against the euro, but turned higher versus the yen.
SBC Communications (SBC: Research, Estimates) and a union representing 100,000 of its employees reached a tentative agreement early Tuesday on a new five-year contract following a four-day walk-out by union members in 13 states. The pact includes higher health care costs for the employees but includes an average 2.3 percent raise for each year of the contract and a guaranteed a job offer if the union member's current position is eliminated.
Krispy Kreme Doughnuts (KKD: Research, Estimates) trimmed its growth plans as it posted first-quarter earnings of 23 cents a share, matching a revised forecast that followed the company's May 7 warning that the low-carb diet craze was hurting results. The results were above the 21 cents earned a year earlier.
Shares of medical device maker Medtronic (MDT: Research, Estimates) rose 1.4 percent in after-hours trading Monday after the company reported higher quarterly earnings, driven by strong sales across all of its major product lines. The largest manufacturer of pacemakers announced a recall of its insulin infusion kits last week.
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