MARKET SNAPSHOT
Stocks heading for soggy open
Can techs find buyers?
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 8:09 AM ET Jul 26, 2000 NewsWatch
Latest headlines
NEW YORK (CBS.MW) - The market appears set for a downside open Wednesday following a session during which the tech sector regained its composure.
Still, market watchers don't expect the major averages to make any scintillating moves anytime soon. They still see stocks stuck within familiar confines until the market gets more clarity on revenue growth going forward.
September S&P 500 futures slipped 0.50 point and were trading roughly 3.60 points below fair value, according to HL Camp & Co. Nasdaq futures, meanwhile, lost 3.50 points, or 0.1 percent.
A couple of Dow companies posted results before the opening bell. Minnesota Mining & Manufacturing posted second-quarter earnings of $1.18 a share, 2 cents ahead of the First Call estimate. The diversified company made $1.17 in the year-ago period. Shares (MMM: news, msgs) slipped 3 11/16 to 88 5/16 on Tuesday.
And DuPont (DD: news, msgs) checked in with a second-quarter profit of 90 cents a share, beating the First Call estimate of 88 cents a share. The company made 84 cents in the year-ago quarter. Shares closed up 5/8 to 43 5/8.
In the Treasury market, prices traded in a mixed fashion out of the chute with no news on the economic front Wednesday to inspire activity.
The 10-year Treasury note added 1/32 to yield 6.02 while the 30-year bond slipped 3/32 to yield 5.815 percent.
Though there's no data out Wednesday, there will be plenty of economic news to chew on Thursday and Friday with the second-quarter employment cost index and gross domestic product numbers due out. View Economic Preview, economic calendar and forecasts and historical economic data.
In the currency arena, dollar/yen lost 0.1 percent to 109.00 while euro/dollar edged up 0.1 percent to 0.9395. See latest currency rates.
Julie Rannazzisi is markets editor for CBS.MarketWatch.com. |
