Stocks fell for a second day Tuesday as concerns grew that incoming economic data will show the economy is growing too fast.
Index futures recently showed the
trading 2 points below fair value, while the Nasdaq 100 was set for a 4-point decline. The 10-year Treasury bond fell 3/32 in price to yield 5%, while the dollar rose against the yen and euro.
Overseas markets were narrowly mixed, with London's FTSE 100 adding 0.2% to 5937 and Germany's Xetra DAX falling 0.2% to 5673. In Asia, Japan's Nikkei fell 0.1% overnight to 15,441, while Hong Kong's Hang Seng slipped 0.4% to 16,911.
Oil rose as Israel expanded a ground offensive against Hezbollah, a tropical storm gathered in the Caribbean and a heat wave crawled across the eastern U.S. with temperatures of 100 degrees of more. In electronic Nymex trading, September crude gained 27 cents to $74.68 a barrel.
Stocks closed out a volatile month with losses on Monday, with the
Dow Jones Industrial Average
losing 34 points to 11,186, the S&P 500 losing 2 points to 1277 and the
down 3 points to 2091. For July, the Dow gained 0.3%, the S&P 500 rose 0.5% and the Nasdaq tumbled 3.7%.
Tuesday will see a full docket of economic reports, including the Commerce Department's update of personal income and consumption at 8:30 a.m. EDT and a report on construction spending at 10 a.m. All three are expected to show gains. The Institute for Supply Management's manufacturing index, due at 10 a.m., is expected to show a slight narrowing from June.
In early earnings,
said second-quarter net fell 24% from a year ago due to one-time items. Excluding those, the telco earned 64 cents a share, beating estimates by 2 cents. Revenue rose 26% to $22.7 billion, just shy of estimates.
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said second-quarter revenue roughly tripled from a year ago to $150 million, about $3 million better than expected. The satellite radio outfit reported a slightly wider-than-expected loss. It also bumped up full-year revenue and subscriber guidance.