<font color=BLUE>MARKET SNAPSHOT--Major averages set to gain
Will tech stocks find buyers?
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 8:39 AM ET Sep 12, 2000 NewsWatch
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NEW YORK (CBS.MW) - With the Nasdaq down nearly 5 percent over the past couple of trading days and hovering at 4-week lows, market watchers wonder whether tech stocks will find sponsorship Tuesday from bargain hunters.
The rotation out of tech and into other area of the market - like retail and financial stocks - has continued over the past sessions as investors continued to bail out of technology issues on the heels of heightened concerns over future profit growth.
Judging by the action in the futures markets, buyers are lining up in the tech arena. December S&P 500 futures added 2.50 points and were trading roughly 5.00 points above fair value, according to figures provided by HL Camp & Co. Nasdaq futures, meanwhile, rose 37.00 points, or 0.9 percent, reversing earlier losses.
In shares seeing action before the official start of trading, Oakley (OO: news, msgs) climbed $2.50 above Monday's official NYSE close, to $19 in Instinet. The company said late Monday that it expects to report a profit from operations of at least 21 cents a share, well ahead of the 18 cents expected by First Call.
In the Treasury arena, the 10-year Treasury note added 3/32 to yield ($TNX: news, msgs) 5.76 percent and the 30-year Treasury bond climbed 12/32 to yield ($TYX: news, msgs) 5.71 percent.
Over on the economic front, while no data is set for release on Tuesday, market watchers are bracing for the onslaught of fresh news on the inflation and consumer spending front due out later in the week. View Economic Preview, economic calendar and forecasts and historical economic data.
In the currency arena, dollar/yen (C_JPY: news, msgs) added 0.2 percent to 106.31 while euro/dollar (C_EUR: news, msgs) gained 0.4 percent to 0.8618.
Julie Rannazzisi is markets editor for CBS.MarketWatch.com. |
