Market Morning: A Little Dip
NEW YORK (
) -- U.S. stock futures signaled a lower open on Wall Street Tuesday and European shares dipped on an earnings decline from Swiss bank
UBS
(UBS) - Get Report
and as debt-deal talks in Greece dragged on for another day.
In Asia, the benchmark Shanghai Composite Index finished off by 1.7% and Japan's Nikkei index fell 0.1%.
In the U.S. on Monday,
as investors fretted that Greece may be headed for a default.
The
Dow Jones Industrial Average
fell 17.1 points, or 0.1%, to 12,845. The
S&P 500
lost 0.6 point, or 0.04%, to 1,344, and the
Nasdaq
slid 3.7 points, or 0.1%, to 2,902.
The economic calendar in the U.S. on Tuesday is light, but
Federal Reserve
Chairman Ben Bernanke will provide testimony before the Senate Budget Committee at 10 a.m. EST.
UBS
(UBS) - Get Report
, the Swiss bank, posted a 76% decrease in fourth-quarter earnings.
UBS' investing bank division reported a second consecutive quarterly pretax loss of 256 million francs, which included a $2 billion rogue trader loss. UBS predicted further weakness in investment banking.
BP
(BP) - Get Report
, the oil giant, said fourth-quarter profit rose 38% to $7.69 billion on higher oil prices and it raised its quarterly dividend by 14%.
Replacement cost profit jumped 65% to $7.6 billion. Revenue rose 15% to $96.3 billion.
BP goes to court at the end of the month in New Orleans for the beginning of lawsuits related to the Gulf of Mexico oil spill in April 2010.
Earnings are expected Tuesday from
Coca-Cola
(KO) - Get Report
and
Walt Disney
(DIS) - Get Report
.
Mining company
Xstrata
and commodities dealer
Glencore
agreed to a
$90 billion merger
Tuesday that will create the world's fourth-largest natural resources company.
The combined company will control a chain of businesses from mining to refining, storage and shipping of basic commodities like coal, copper and corn.
-- Written by Joseph Woelfel
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Joseph Woelfel
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