Warnings of weakness from overseas could send U.S. stocks lower at Tuesday's open.
November 9, 2004: 5:39 AM EST
NEW YORK (CNN/Money) - Technology issues and anxiety about the Fed's interest rate policy could weigh on U.S. stocks when trading begins Tuesday.
Early Tuesday, Nasdaq and S&P futures pointed to a lower open.
Overseas developments could weigh on the tech sector, after German chip maker Infineon said it sees weakness in its market and two Taiwanese contract makers of chips reported a decline in October sales from the prior month.
Countering the negativity was the dollar, which bounced up after reaching a record low against the euro Monday. The euro weakened to $1.2902 from $1.2912 late Monday, and was up to ¥105.85 from ¥105.53.
The major indexes barely budged Monday as the weaker dollar countered a continued drop in oil prices. The Dow Jones industrial average gained almost 4 points while the Nasdaq composite index was up less than a third of a point (see chart for details).
Asian-Pacific stocks ended mixed Tuesday, with Tokyo's Nikkei index down 0.2 percent. European markets edged lower in early trading. (Check the latest on world markets)
For details of Monday's go-nowhere session, click above.
Among U.S. stocks trading in Europe, Merck (Research) fell 1.5 percent. The drugmaker said Monday it had received a subpoena from the Justice Department and that the Securities and Exchange Commission has started an informal inquiry concerning its recalled pain reliever Vioxx.
Treasury prices were little changed, with the 10-year note yield at 4.21 percent. Gold was lower.
Oil prices rallied a little. U.S. crude futures rose 25 cents to $49.34 a barrel in electronic trading, while Brent oil futures gained 27 cents to $46.19 a barrel in London.
After the markets open, the government reports on wholesale inventories for September. Economists surveyed by Briefing.com expect a 0.7 percent increase, after a 0.9 percent rise in August.
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