Consumer confidence report, Home Depot earnings to get Wall Street's attention Tuesday.
February 24, 2004: 5:45 AM EST
NEW YORK (CNN/Money) - A key reading of consumer confidence and results from No. 1 home improvement retailer Home Depot will help determine if U.S. stock markets snap out of their doldrums Tuesday.
At 5:40 a.m. ET, futures pointed to a lower start for the major indexes.
The Conference Board's measure of consumer confidence comes out shortly after the markets open, with economists surveyed by Briefing.com expecting a decline to 92 from 96.8, reflecting continued anxiety about the nation's job picture. Other recent consumer indexes have also told of declining sentiment, including the preliminary University of Michigan reading for the month.
Before trading begins, Home Depot (HD: Research, Estimates) posts its fiscal fourth-quarter results, with analysts surveyed by First Call predicting a rise in income to 39 cents a share from 30 cents a year earlier. On Monday, rival Lowe's (LOW: Research, Estimates) posted better-than-expected income, but its shares fell nearly 3 percent because the same-store sales gain was less than analysts expected.
Among U.S. stocks trading in Europe, Home Depot was unchanged early Tuesday.
The Dow Jones industrial average slipped just 0.1 percent Monday, but that was a continuation of the recent weakness that sent the blue-chip indicator lower last week. The Nasdaq composite index fell 1.5 percent; it has been lower the past five consecutive weeks (see chart for details).
Asian-Pacific stocks lost ground Tuesday, with a tech selloff sending Tokyo's Nikkei index down 2.1 percent. European markets were lower in early trading. (Check the latest on world markets)
Treasury prices were flat, with the 10-year note yield at 4.03 percent. The dollar retreated against the yen and euro.
Brent oil futures gained 29 cents to $31.10 a barrel in London. Gold was slightly higher.
On the agenda Tuesday is an appearance by Federal Reserve Chairman Alan Greenspan before a Senate panel looking into government sponsored enterprises, such as mortgage backers Fannie Mae and Freddie Mac. He's unlikely to say much about the state of the economy, but his remarks will be closely gleaned nonetheless.
O Clubeinvest.com informa que nenhuma da informação
aqui facultada deverá ser entendida como conselho ou recomendação
de qualquer tipo de transacção ou investimento.
