MARKET SNAPSHOT
Small gains may be in store for shares
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 7:43 AM ET Jul 24, 2000 NewsWatch
Latest headlines
NEW YORK (CBS.MW) - The stock market may enjoy some minor gains at the open Monday as investors ready for another full week of earnings news.
September S&P 500 futures shed 0.10 point but were trading about 4.50 points above fair value, according to HL Camp & Co. Nasdaq futures, meanwhile, eked out a gain of 1 point.
In merger news, Deutsche Telekom said it had agreed to buy U.S. wireless communications group VoiceStream (VSTR: news, msgs) for $50.7 billion. Read the story.
Another parade of earnings releases will make its way through Wall Street this week. First Call notes that 135 Standard & Poor's companies will reveal their quarterly results this week while another eight Dow companies will report. So far, over half of the S&P 500 and Dow companies have reported, First Call added.
In the bond market, prices lingered close the flatline in early trading. The week may be an active one for Treasury securities as there's a good deal of economic news to react to.
The 10-year Treasury note shed 2/32 to yield 6.00 while the 30-year bond lost 1/32 to yield 5.79 percent.
Key economic reports set for release this week include: the second-quarter employment cost index -- which is a broad measure of wages and benefits -- as well as the advance reading of second-quarter gross domestic product.
Further, July consumer confidence and June durable good orders will be out to give investors a view of the economy's performance. View Economic Preview, economic calendar and forecasts and historical economic data.
And Alan Greenspan will bring his thoughts on the U.S. economy before the House Banking Committee on Tuesday. It will be a repeat of the Fed Chief's speech before the Senate Banking Committee last Thursday.
In the currency market, the dollar edged up 0.2 percent to 108.94 yen following an impressive rally on Friday that saw the pair climb to levels not witnessed since early June. Euro/dollar slipped 0.3 percent to 0.9336. See latest currency rates.
Julie Rannazzisi is markets editor for CBS.MarketWatch.com. |
