29/07/2003 15:34
U.S. stocks are poised to open slightly higher on Tuesday as investors await the July consumer confidence report, the first of a series of releases this week that could show proof of improvement in the U.S. economy.
Investors are also awaiting a slew of corporate quarterly earnings reports including one from blue-chip Dow index component McDonald's Corp. MCD.N .
The Conference Board will release U.S. consumer confidence for July at 10:00 a.m. (1400 GMT) on Tuesday. The consumer confidence reading is forecast to be 85.0, compared with a reading of 83.5 in June.
Key economic reports coming this week include July nonfarm payrolls, the Chicago Purchasing Management Index, a read on gross domestic product and the Institute for Supply Management's report on manufacturing.
"Right now we're looking to a mixed to slightly higher opening," said Peter Cardillo, chief strategist and director of research at Global Partners Securities Inc. "We do have earnings and we do have a piece of economic news today, which is consumer confidence for July. I think the mood swing of the market will be based on the data coming out."
Standard & Poor's 500 stock index futures for September were up 3.20 points at 997.10, while Nasdaq futures for the same month crept up 3.5 points to 1,287.00. Futures for the Dow industrials rose 30 points to 9,262.
The stock market has rallied since March on the expectation an economic recovery is underway. Corporate America's second-quarter results have largely been coming in on target, but they have not been stellar enough to satisfy investors looking for clear signs corporate profits are set for a turnaround.
Tyco International Ltd. TYC.N said on Tuesday it posted a quarterly profit, reversing a year-ago loss, as the conglomerate restated results dating back to 1998 in a bid to clean up the accounting mess left by its former leadership.
Dow component DuPont Co. DD.N , the second-largest U.S. chemical maker, reported higher second-quarter earnings as stronger nutrition and agricultural sales outweighed higher energy costs.
McDonald's Corp. MCD.N , the world's largest fast-food company, will post its earnings before Tuesday's opening.
Overseas, European shares nosed above break-even on Tuesday after a flood of mixed earnings reports, with Prudential PRU.L , Britain's second-largest insurer, hit after it trimmed its interim dividend but French communications equipment firm Alcatel CGEP.PA buoyed by a much-narrowed net loss.
The FTSE Eurotop 300 index .FTEU3 of pan-European blue chips was up 0.38 percent at 875.20 points while the narrower DJ Euro Stoxx 50 index .STOXX50E also firmed 0.66 percent to 2,503.20.
In Japan, main stock indices closed slightly lower, with sentiment hit by a raised half-year loss forecast from tech bellwether Fujitsu Ltd 6702.T that sent its shares tumbling.
The Nikkei average .N225 finished down 0.06 percent at 9,834.31 after rising almost 2 percent to a three-week closing high in the previous session. The broader TOPIX index .TOPX fell 0.16 percent at 958.18.
U.S. blue-chip stocks sagged on Monday, but the tech-driven Nasdaq managed to close with a slim gain as investors digested a mixed batch of earnings reports and braced for key economic data due later this week.
The Dow Jones industrial average .DJI fell 18.06 points, or 0.19 percent, to 9,266.51 on Monday, while the broader Standard & Poor's 500 Index .SPX sagged 2.16 points, or 0.22 percent, to 996.52. The technology-laced Nasdaq Composite Index .IXIC rose 4.64 points, or 0.27 percent, to 1,735.34, according to the latest available data.
Investors are also awaiting a slew of corporate quarterly earnings reports including one from blue-chip Dow index component McDonald's Corp. MCD.N .
The Conference Board will release U.S. consumer confidence for July at 10:00 a.m. (1400 GMT) on Tuesday. The consumer confidence reading is forecast to be 85.0, compared with a reading of 83.5 in June.
Key economic reports coming this week include July nonfarm payrolls, the Chicago Purchasing Management Index, a read on gross domestic product and the Institute for Supply Management's report on manufacturing.
"Right now we're looking to a mixed to slightly higher opening," said Peter Cardillo, chief strategist and director of research at Global Partners Securities Inc. "We do have earnings and we do have a piece of economic news today, which is consumer confidence for July. I think the mood swing of the market will be based on the data coming out."
Standard & Poor's 500 stock index futures for September were up 3.20 points at 997.10, while Nasdaq futures for the same month crept up 3.5 points to 1,287.00. Futures for the Dow industrials rose 30 points to 9,262.
The stock market has rallied since March on the expectation an economic recovery is underway. Corporate America's second-quarter results have largely been coming in on target, but they have not been stellar enough to satisfy investors looking for clear signs corporate profits are set for a turnaround.
Tyco International Ltd. TYC.N said on Tuesday it posted a quarterly profit, reversing a year-ago loss, as the conglomerate restated results dating back to 1998 in a bid to clean up the accounting mess left by its former leadership.
Dow component DuPont Co. DD.N , the second-largest U.S. chemical maker, reported higher second-quarter earnings as stronger nutrition and agricultural sales outweighed higher energy costs.
McDonald's Corp. MCD.N , the world's largest fast-food company, will post its earnings before Tuesday's opening.
Overseas, European shares nosed above break-even on Tuesday after a flood of mixed earnings reports, with Prudential PRU.L , Britain's second-largest insurer, hit after it trimmed its interim dividend but French communications equipment firm Alcatel CGEP.PA buoyed by a much-narrowed net loss.
The FTSE Eurotop 300 index .FTEU3 of pan-European blue chips was up 0.38 percent at 875.20 points while the narrower DJ Euro Stoxx 50 index .STOXX50E also firmed 0.66 percent to 2,503.20.
In Japan, main stock indices closed slightly lower, with sentiment hit by a raised half-year loss forecast from tech bellwether Fujitsu Ltd 6702.T that sent its shares tumbling.
The Nikkei average .N225 finished down 0.06 percent at 9,834.31 after rising almost 2 percent to a three-week closing high in the previous session. The broader TOPIX index .TOPX fell 0.16 percent at 958.18.
U.S. blue-chip stocks sagged on Monday, but the tech-driven Nasdaq managed to close with a slim gain as investors digested a mixed batch of earnings reports and braced for key economic data due later this week.
The Dow Jones industrial average .DJI fell 18.06 points, or 0.19 percent, to 9,266.51 on Monday, while the broader Standard & Poor's 500 Index .SPX sagged 2.16 points, or 0.22 percent, to 996.52. The technology-laced Nasdaq Composite Index .IXIC rose 4.64 points, or 0.27 percent, to 1,735.34, according to the latest available data.
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