M A R K E T .. S N A P S H O T -- Shares set for torrent of earnings
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 7:31 AM ET Jul 16, 2001
NEW YORK (CBS.MW) - The stock market is set for a mixed open Monday with investors looking to earnings news for direction.
The earnings tide will flood the market this week as 38 percent of S&P 500 companies are set to unveil their results, including 16 Dow companies -- or more than half of the blue-chip barometer.
September S&P 500 futures slipped 2.00 points, or 0.2 percent, but were trading about 1.50 points above fair value, according to HL Camp & Co. And Nasdaq futures gave back 9.50 points, or 0.5 percent.
Among the big names reporting this week: Caterpillar, General Motors, International Paper, Johnson & Johnson, Intel, IBM, EMC, AOL Time Warner, Coca-Cola, Philip Morris, United technologies, Boeing, Microsoft, Sun Microsystems, Nortel, Nokia and Merck.
Treasury prices are likely to take their cues from the stock market's gyrations as well as developments in Latin America. Tumbling markets in Argentina last week provoked a flight-to-quality bid in the government bond sector.
The week's main event -- and likely to be the key determent of direction in the short-term -- will be Fed Chief Alan Greenspan's semi-annual testimony on the state of the U.S. economy before Congress on Wednesday.
Prices were a tad higher out of the gate, with the 10-year Treasury note up 3/32 to yield ($TNX) 5.215 percent while the 30-year government bond adding 2/32 to yield ($TYX) 5.615 percent.
On the economic front, May business inventories will be out at 8:30 a.m. A wide array of data will be out this week to give investors a glimpse of the housing, trade and industrial segments. View and economic calendar and forecasts.
In the currency arena, dollar/yen added 0.3 percent to 125.05 while euro/dollar advanced 0.4 percent to 0.8574.
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