Premarket futures were hinting at a lower open for stocks on Wall Street Tuesday, as traders prepared to pick through a generous serving of corporate earnings statements.
Futures for the
were down 8.7 points at 982 and were 4.6 short of fair value.
futures were lower by 21 points at 1339 and were 19 below fair value.
On Monday, the major indices rallied sharply as credit markets opened up somewhat and
Chairman Ben Bernanke said an economic stimulus package may be a good idea.
After the close of that session, credit card firm
reported earnings that fell year over year but still beat analysts' expectations.
said it foresaw weak sales in the next six months and said it plans to sell its cell-phone chip business.
Ahead of the new day's trading, industrial conglomerate
and equipment manufacturer
are expected to report.
reported Tuesday third-quarter earnings that fell from a year earlier because of hurricane-related charges.
and United Airlines parent
are also on the docket.
Also due out are results from regional banks
As for the automakers,
the Wall Street Journal
might partner with
for purposes of manufacturing and development. The
said that Chrysler would still prefer to merge with
Looking at commodities, crude oil was declining 44 cents to $73.81 a barrel, and gold was down $8.40 to $781.60 an ounce.
Longer-dated U.S. Treasury securities were declining in price. The 10-year was down 2/32 to yield 3.85%, and the 30-year was losing 12/32, yielding 4.28%. The dollar was gaining on the euro and pound but shrinking vs. the yen.
Overseas, European exchanges such as the FTSE in London and the DAX in Frankfurt were trading higher. As for Asian markets, Japan's Nikkei closed on the upside, while Hong Kong's Hang Seng finished with losses.