Markets waiting to see server maker's earnings, and whether they can help keep tech rally going.
November 5, 2003: 5:18 AM EST
NEW YORK (CNN/Money) - The anticipation of Cisco Systems' first-quarter earnings, and whether they can keep this year's 47 percent rise of the Nasdaq composite going, will be the focus of attention for U.S. markets Wednesday.
At 5:15 a.m. ET, futures pointed to a lower start for the major indexes.
Cisco (CSCO: Research, Estimates)'s earnings will be released after the start of trading, and the No.1 maker of Internet servers is expected to report a 15-cent-a-share profit on revenue of $4.9 billion, according to First Call. Investors will also be watching for more signs that corporations are buying new equipment.
Among U.S. stocks trading in Europe, Cisco shares were 1 percent higher.
Just after the markets open, the Institute for Supply Management puts out its October index of services activity. It's expected to be up only marginally -- to 63.4 from 63.3 in September, according to Briefing.com -- but that would still signify expansion in the sector.
Also due after the open is the September report on factory orders; a 0.6 percent increase instead of the 0.8 percent decline in August.
The Dow Jones industrial average begins the day just below 9,839, after a nearly 20-point drop Tuesday. The Nasdaq composite index is just below 1,958 following a drop of almost 10 points (see chart for details).
Asian-Pacific stocks were mixed Wednesday, with Tokyo's Nikkei index down 0.1 percent. European markets retreated in early trading. (Check the latest on world markets)
Treasury prices fell, sending the 10-year note yield up to 4.31 percent from 4.29 percent late Tuesday. The dollar gained against the yen and euro.
Brent oil futures gained 3 cents to $26.99 a barrel in London, where gold rose above $380 an ounce.
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