U.S. markets, higher for the year, await ISM report and other economic reports
July 1, 2003: 5:15 AM EDT
By Mark M. Meinero, CNN/Money Staff Writer
NEW YORK (CNN/Money) - The second half of 2003 begins Tuesday on Wall Street with investors finding out if one closely watched measure of manufacturing shows signs of expansion.
At 5:15 a.m. ET, futures pointed to a modest decline at the start of trading.
The Institute of Supply Management's index of manufacturing activity for June is expected to climb to 51 from 49.4 in May, according to a consensus of economists surveyed by Briefing.com. If that holds out, the index will signal expansion in the manufacturing sector for the first time since February, just before the war to topple Saddam Hussein in Iraq.
The ISM report is due after trading begins. So is the government's figures for construction spending in May, which is forecast to have risen 0.3 percent after a 0.3 percent drop in April.
The nation's automakers weigh in with June vehicle sales figures at midday. The Briefing.com consensus is for an unchanged annual auto sales rate of 5.3 million and a slightly higher truck sales rate of 7.6 million.
Among U.S. stocks trading in Europe, General Motors (GM: Research, Estimates) and Ford Motor (F: Research, Estimates) were slightly lower.
For details of Monday's tepid trading, click above
The Dow Jones industrial average begins the second half of 2003 at 8,985.44. Monday's 3.61-point loss still left the blue-chip indicator up 7.7 percent so far this year. The Nasdaq composite index's 2.46 decline did little to dampen a 21.5 percent increase for the year to date. (see chart for details of Monday's activity)
Asian-Pacific stocks ended higher Tuesday, with a 2.2 percent gain giving Tokyo's Nikkei index its highest close in nine months. European markets pulled back in early trading. (Check the latest on world markets)
Treasury prices gained in early trading, sending the 10-year note yield down to 3.50 percent from 3.52 percent late Monday. The dollar gained against the yen, but was lower versus the euro.
Brent oil futures slipped 31 cents to $27.82 a barrel in London, where gold was little changed in early trading.
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