M A R K E T .. S N A P S H O T
Stocks set to backpedal
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 7:28 AM ET Nov 27, 2001
NEW YORK (CBS.MW) -- The broad market is set to open in the minus column on Tuesday after two consecutive up days, though Internet issues extended gains in the pre-open and could lend the tech sector additional support.
Amazon (AMZN) edged up a penny to $12.22 in Instinet pre-open action while Yahoo (YHOO) climbed to $18.30, up 23 cents from the close. On Monday, Amazon surged 34.5 percent and Yahoo nearly 15 percent as investors continued to bank on brisk online sales during the holiday season.
In other pre-open action, AOL Time Warner (AOL) sprinted 10 cents to $34.47 in European dealings. The stock rose 1.7 percent on Monday.
In the meantime, the week's most crucial economic release will be out on Tuesday: November consumer confidence, which is expected to register an 86.1 reading, up from last month's 85.5 level.
Also due out: October existing home sales, seen coming in at a 4.90 million rate. Check economic calendar and forecasts.
December S&P 500 futures gave up 3.60 points, or 0.3 percent, and were trading about 6.20 points below fair value while Nasdaq futures lost 3.50 points, or 0.2 percent. The Dow Jones Indicative Index erased 42 points, or 0.4 percent, to 9,939.
In the government bond arena, prices traded mixed right out of the chute.
The 10-year Treasury note was off 10/32 to yield ($TNX) 5.05 percent while the 30-year government bond added 1/32 to yield ($TYX) 5.38 percent.
In the currency sector, the dollar traded close to flat levels at 124.09 yen while the euro slipped 0.4 percent to 87.72 cents.
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