M A R K E T .. S N A P S H O T -- More consolidation ahead?
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 7:31 AM ET May 29, 2001
NEW YORK (CBS.MW) -- The U.S. markets are bracing for more consolidation Tuesday with early indications revealing that mild selling pressure is in the works.
June S&P 500 futures lost 1.70 points, or 0.1 percent, and were trading roughly 2.60 points below fair value. Nasdaq futures, meanwhile, fell 22.50 points, or 1.1 percent.
The market will have some key economic numbers to digest Tuesday. Due out at 8:30 a.m. are April personal income and personal consumption expenditures. In addition, the closely-watched May consumer confidence figures will be out at 10 a.m.
This shortened week will be a busy one on the economic front with the May National Association of Purchasing Management Index and the May employment report due out. View Economic Preview and economic calendar and forecasts.
On the earnings front, First Call/Thomson Financial notes that with 98 percent of S&P 500 companies having reported, second-quarter results are likely to show a decline in earnings of 6.2 percent.
The earnings compiler said visibility is somewhat limited on the third quarter, with Wall Street currently estimating a decline of 3.4 percent. And there's almost no visibility on the fourth quarter, according to First Call, with current expectations calling for a gain of 8.3 percent.
In the Treasury arena, prices gained some modest traction out of the chute.
The 10-year Treasury note was up 6/32 to yield ($TNX) 5.475 percent while the 30-year government bond added 3/32 to yield ($TYX) 5.855 percent.
In the currency space, dollar/yen shaved 0.6 percent to 120.30 while euro/dollar erased 0.6 percent to 0.8552. |
