This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stock Market Today: Futures Edge Lower Awaiting Fresh Catalysts

NEW YORK (TheStreet) -- U.S. stock futures were edging lower Tuesday ahead of fresh U.S. factory orders and services sector data and earnings reports.

Bulls were searching for fresh catalysts that could help the S&P 500 sustain its recovery from the worst weekly drop in two years last week and push it to new highs. Correction chatter persisted after the VIX's double-digit spike last week.

Futures for the Dow Jones Industrial Average were off 20 points, or 35.28 points below fair value, to 16,466. S&P 500 futures were falling 3.75 points, or 4.94 points below fair value, to 1,928.25. Nasdaq futures were down 8.3 points, or 12.77 points below fair value, to 3,888.5. Major U.S. stock indices settled Monday higher as the markets returned to a state of complacency defined by expectations of extended Federal Reserve support.

June factory orders will be released at 10 a.m. EDT. A rebound of 0.6% is expected after a 0.5% decline in May. At the same time, the July composite index from the ISM non-manufacturing survey is forecast to rise to 56.3 from 56 in June. The final read on the Markit PMI services index for July will be released at 9:45 a.m. The initial "flash" estimate came in at 61, comfortably about the breakeven 50 mark.

Must Read: Aug. 5 Premarket Briefing: 10 Things You Should Know

A host of companies were in the spotlight Tuesday. Media and entertainment giant Walt Disney (DIS) is expected by analysts on Tuesday to report fiscal third-quarter earnings of $1.17 a share on revenue of $12.16 billion. Daily deals site Groupon (GRPN) is expected by analysts on Tuesday to report second-quarter earnings of 1 cent a share on revenue of $761.8 million.

American International Group (AIG - Get Report) was gaining 1.79% to $53.60 after reporting on Monday that second-quarter net income rose 13%, topping analysts' expectations. Coach (COH - Get Report), a seller of premium handbags,was popping 5.51% to $36.21 after beating fourth-quarter earnings expectations by 6 cents at 59 cents a share as international sales increased 7%. Toyota (TM - Get Report) reported on Tuesday a 5% increase in quarterly profit, topping expectations as vehicle sales rose in North America and Europe, offsetting a drop in Japan.

BlackBerry (BBRY) concluded a protracted and painful restructuring and is back on a growth footing, according to an internal memo to all its employees viewed by Reuters. Goldman Sachs (GS) is upending the way it does business with hedge funds, jettisoning less-profitable clients and increasing some fees on others as it adapts to new banking rules, people familiar with the matter told The Wall Street Journal.

European stocks rose on Tuesday after positive news from some major companies distracted investors from external risks. In addition, U.K. data from Markit Economics and the Chartered Institute of Purchasing & Supply showed forecast-busting growth in the services sector in July.

In Tokyo, the Nikkei 225 fell 1% to 15,320.31 as shares in exporters declined. In Hong Kong, the Hang Seng rose 0.20% to 24,648.26. The Markit Economic/HSBC Holdings Purchasing Managers' Index for the services sector in China slipped to 50, right on the threshold between expansion and contraction.

-- By Andrea Tse in New York

Follow @AndreaTTse

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AIG $55.82 0.00%
COH $40.27 0.00%
TM $101.70 0.00%
AAPL $93.74 0.00%
FB $117.58 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs