M A R K E T --S N A P S H O T:
Bulled up market looks to take a break
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 7:54 AM ET Dec 6, 2000
NEW YORK (CBS.MW) - Equity markets are looking to pause in the aftermath of Tuesday's smashing price action, which saw tech stocks post unprecedented gains.
A profit warning from Apple Computer late Tuesday will test the market's resilience Wednesday.
The PC maker (AAPL) lowered revenue and earnings guidance for the first quarter and full year and saw its shares fall $3, or 18 percent, to $14 in Instinet pre-market trading.
December S&P 500 futures slipped 1.70 points, or 0.1 percent, and were trading roughly 7.10 points below fair value, according to HL Camp & Co. Nasdaq futures, meanwhile, erased 25.00 points, or 0.9 percent.
Over in the fixed-income arena, Treasury prices migrated close to the unchanged mark, also taking a break after Wednesday's immensely positive price action.
The 10-year Treasury note gained 7/32 to yield ($TNX) 5.68 percent while the 30-year government bond jumped 15/32 to yield ($TYX) 5.74 percent.
Wednesday will see the revision to third-quarter productivity as well as the release of the Fed's Beige Book report on economic conditions. View Economic Preview, economic calendar and forecasts and historical economic data.
Within the currency market, the dollar slumped against both the yen and the euro in early action. In recent dealings, dollar/yen lost 0.1 percent to 110.88 while euro/dollar climbed 0.4 percent to 0.8833. |
