With Saddam furor out of the way, stock market to concentrate on economic reports, Oracle results.
December 16, 2003: 5:47 AM EST
NEW YORK (CNN/Money) - Now that the Saddam effect has proven to be short lived at best, U.S. stock markets will take several economic reports and Oracle's earnings into account Tuesday.
At 5:30 a.m. ET, futures pointed to a higher start for the major indexes.
U.S. stocks couldn't hold their early gains Monday in the wake of Saddam Hussein's capture over the weekend, as investor jitters about the economy and earnings resurfaced. The Dow Jones industrial average lost 0.2 percent, and the Nasdaq composite index tumbled 1.6 percent. (see chart for details)
The economy will be in focus before trading begins. The Consumer Price Index for November comes out, with economists surveyed by Briefing.com expecting a 0.1 percent increase, compared with the unchanged reading in October. Excluding food and energy costs, consumer prices are seen having risen 0.1 percent.
Housing starts for November are expected to have declined to an annual rate of 1.91 million from 1.96 million in October.
Also due before the bell is industrial production for November, projected to have risen 0.5 percent after a 0.2 percent climb in October; capacity utilization is seen climbing to 75.4 percent from 75 percent.
Oracle (ORCL: Research, Estimates), the business software maker, posted better-than-expected fiscal second-quarter earnings, overall revenue and license revenue. It also raised sales guidance for the current quarter, saying it sensed an upturn in business. Among U.S. stocks trading in Europe, Oracle was up more than 1 percent in Tuesday trading.
Asian-Pacific stocks ended mostly lower Tuesday, giving back the gains attained on Saddam's capture; Tokyo's Nikkei index tumbled 2.1 percent. European shares declined in early trading. (Check the latest on world markets)
Treasury prices rose, sending the 10-year note yield down to 4.24 percent from 4.25 percent late Monday. The dollar reached new lows against the euro, which traded at $1.2348, and was little changed versus the yen.
Brent oil futures advanced 3 cents to $30.28 a barrel in London, where gold was higher in early trading.
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