Conference Board report, McDonald's earnings will help show if key economic segment remains vibrant.
July 29, 2003: 5:22 AM EDT
By Mark M. Meinero, CNN/Money Staff Writer
NEW YORK (CNN/Money) - The consumer is the subject of the day for U.S. stock markets as investors consider a key confidence report and the earnings from fast-food restaurateur McDonald's.
At 5:20 a.m. ET, futures pointed to flat to higher start for the major indexes, which were mixed in Monday trading.
The Conference Board's closely watched Consumer Confidence Index for July is expected to come in at 85, up from 83.5 last month, according to a consensus of economists surveyed by Briefing.com. That would be a signal that there's a possibility of further consumer spending in the months ahead as the economy attempts to recover from the slump of recent years.
Before trading begins, Dow component McDonald's (MCD: Research, Estimates) posts its second-quarter income. Analysts surveyed by First Call project operating profit of 37 cents a share, down from 39 cents a year earlier.
Among U.S. stocks trading in Europe, McDonald's shares were slightly lower.
Another Dow component due before the open is chemical developer DuPont (DD: Research, Estimates). Its second-quarter earnings are seen shrinking to 57 cents a share from 71 cents in the prior year. DuPont fell 30 cents Monday to $44.39.
Verizon Communications (VZ: Research, Estimates), the nation's No. 1 local phone service provider, is forecast to report second-quarter income of 68 cents a share, down from 72 cents a year earlier. Verizon rose 94 cents to $35.98 Monday.
Also due before the opening bell are the media company Clear Channel Communications (CCU: Research, Estimates), utility operator Southern (SO: Research, Estimates) and troubled conglomerate Tyco International (TYC: Research, Estimates).
For details of Monday's mixed session, click above
The Dow Jones industrial average got off to a slow start for the week, dropping 0.2 percent. But the Nasdaq composite index kicked off with a 0.3 percent gain. (see chart for details)
Asian-Pacific stocks ended mixed; Tokyo's Nikkei index was less than 0.1 percent lower. European markets edged upward in early trading. (Check the latest on world markets)
Treasury prices slipped in early trading, sending the 10-year note yield up to 4.31 percent from 4.28 percent late Monday. The dollar inched higher against the yen and euro.
Brent oil futures pulled back 21 cents to $27.82 a barrel in London, where gold edged lower in early trading.
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