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To: Dealer who wrote (29877)	8/21/2000 9:01:02 AM
From: Dealer	Read Replies (1) \| Respond to of 35685

MARKET SNAPSHOT--Strength emerging Waiting for Fed meeting By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 8:30 AM ET Aug 21, 2000 NewsWatch Latest headlines NEW YORK (CBS.MW) -- Some strength is surfacing in the broad market Monday with the futures markets also pointing to buying interest in the technology arena. September S&P 500 futures inched up 0.70 point but were trading roughly 3.40 points above fair value, according to HL Camp & Co. Nasdaq futures, meanwhile, edged up 9.00 points, or 0.2 percent, erasing earlier losses. For this week, earnings reports will be few and far between. First Call said only 13 Standard & Poor's 500 companies have yet to reveal their results. Second-quarter earnings growth currently stands at 21.6 percent. Only 9 percent of companies missed estimates, First Call said. While the outlook for the third-quarter remains positive, results aren't expected to be as good as in the second quarter. First Call estimates third-quarter profit growth at 17.6 percent. Trim Tabs said stock market liquidity was modestly bullish last week at $2.6 billion and notes that initial public offerings will dry up over the past four weeks, with equity fund inflows also likely to slow significantly for seasonal reasons. Trim Tabs estimates that U.S, equity funds lost $1.3 billion over the three trading sessions ended Aug. 17 for a monthly rate of negative $10 billion. Aggressive growth funds took in $864 million while technology funds lost $125 million. In the bond arena, markets got off to a quiet start. The 10-year Treasury note shed 2/32 to yield ($TNX: news, msgs) 5.785 percent and the 30-year bond erased 2/32 to yield ($TYX: news, msgs) 5.695 percent. There is no data set for release on Monday. The economic highlights of the week include the durable goods report for July, existing home sales for July and the minutes of the Fed's July 27-28 policy -setting meeting. Of course, the event of the week is Tuesday's Federal Open Market Committee meeting. While Wall Streeters aren't anticipating a change in the fed funds rate target of 6 1/2 percent, their attention will be fixated on the central bank's statement following the conclusion of the meeting for more clarity on the Fed's future course of action. View Economic Preview, economic calendar and forecasts and historical economic data. In the currency market, dollar/yen (C_JPY: news, msgs) edged down 0.1 percent to 108.15 while euro/dollar (C_EUR: news, msgs) slid 0.5 percent to 0.9022. See latest currency rates. .Julie