Stocks eased early Tuesday as more rioting in France and concerns about the pace of growth in the real estate sector weighed on a two-week-old rally.
Index futures recently showed the
trading about a point below fair value, while the Nasdaq 100 was set for a 2-point decline. The 10-year Treasury rose 3/32 in price to yield 4.61%, while the dollar was higher against the yen and euro.
The dollar's strength followed appeals by finance ministers to the European Central Bank to hold off on interest rate hikes while authorities work to contain civil unrest in and around Paris. Officials are concerned the rioting, which has led to more than 1,500 arrests over two weeks, will spread to neighboring countries like Germany.
Oil continued to lose ground, with December crude recently falling 31 cents to $59.16 a barrel. The contract lost more than a dollar on Monday as warm weather across much of the U.S. kept a lid on heating oil demand. Gasoline futures fell half a cent to $1.55 a gallon.
Overseas markets were mixed, with London's FTSE 100 recently adding 0.2% to 5471 and Germany's Xetra DAX rising 0.1% to 5030. In Asia, Japan's Nikkei fell 0.2% overnight to 14,037, while Hong Kong's Hang Seng added 0.2% to 14,403.
In corporate news,
warned that home deliveries in 2006 will fall short of its previous forecasts due to regulatory delays and other factors. The company, which reported a 39% gain in fourth-quarter home-building revenue, was also cautious about pricing trends.
``It appears we may be entering a period of more moderate home price increases, more typical of the past decade than the past two years," Toll said.
Satellite television provider
said third-quarter earnings more than doubled to $209 million, or 46 cents a share, beating estimates by 5 cents. Revenue rose 14% from a year ago to $2.1 billion.
Television networks CBS and NBC reportedly have reached a deal with cable and satellite companies under which they will sell popular television shows on an a la carte basis to subscribers. The
units reached deals with
, according to the
Wall Street Journal