U.S. forces' progress in capturing Iraqi capital could determine if stocks recover from selloff.
March 25, 2003: 6:00 AM EST
By Mark M. Meinero & Meghan Collins, CNN/Money Staff Writers
NEW YORK (CNN/Money) - Talk that U.S.-led forces are closing in on Baghdad, and whether or not that talk pans out, will dominate Tuesday's stock market action.
At 5:30 a.m. ET, futures pointed to a mixed start; Nasdaq futures were higher, while S&P futures dipped.
Many of the news reports during the overnight period said that coalition forces were within 50 miles of the Iraqi capital and that the battle for the city would be joined soon. But there were plenty of obstacles confronting the U.S. and U.K., including a sandstorm and an indication that Iraqi forces are preparing to use chemical weapons in their defense.
(Click here for CNN.com's war coverage)
The markets that ran up last week when it seemed as though the war might be over quickly pulled back Monday when there were signs of difficulty. The Dow Jones industrial average, coming off its best week in 20 years, and Nasdaq composite index each lost more than 3.6 percent.
Asian-Pacific stocks ended lower Tuesday, with Tokyo's Nikkei index down 2.3 percent. European markets slid in early trading.
Treasury prices rose again early Tuesday, sending the 10-year note yield down to 3.92 percent from 3.97 percent late Monday. The dollar retreated against the yen and euro.
Brent oil futures gained 79 cents to $26.88 a barrel in London, where gold climbed in early trading.
There are economic reports for investors to consider. Soon after the markets open, the Conference Board issues its March report on consumer confidence. Economists surveyed by Briefing.com expect to see the index dip to 62 from 64 in February.
Also after the opening bell, the National Association of Realtors issues the February report on existing home sales. The annual rate is expected to decline to 5.8 million from 6.09 million a year earlier.
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