NEW YORK (CNN/Money) -
A little calm in the rest of the world could be the ticket for a U.S. stock market recovery when trading begins Tuesday.
| |
|
For details of Monday's mess, click above
|
|
Early Tuesday, futures pointed to a higher open for the major indexes.
Monday was a rough day for the U.S. markets amid a mix of global trouble -- the assassination of the Iraq Governing Council chief, a stock plunge in India due to concern about the new ruling coalition, bombings of HSBC offices in Turkey and record oil prices.
The Dow Jones industrial average sank 1.1 percent, while the Nasdaq composite index was 1.5 percent lower. (See chart for details)
But Asian-Pacific stocks showed signs of recovery Tuesday, with Tokyo's Nikkei index up 2 percent and Bombay's stock index bouncing back by 8 percent. European markets were mostly higher in early trading. (Check the latest on world markets)
Among U.S. stocks trading in Europe, Hewlett-Packard (HPQ: Research, Estimates) was up less than 1 percent ahead of its quarterly results, due after the Wall Street close. Analysts surveyed by First Call expect the computer products maker to have earned 34 cents a share, up from 29 cents a year earlier.
Treasury prices fell in early trading, sending the 10-year note yield up to 4.73 percent from 4.69 late Monday. The dollar gained against the euro but was weaker versus the yen.
Oil prices took a break from their recent ascent. U.S. light crude slipped 35 cents to $41.20 a barrel, while Brent oil futures lost 36 cents to $37.50 a barrel in London. Gold was lower.
On the economic front, the Commerce Department released its reading on housing starts before the market opened.
The report showed housing starts at an annual rate of 1.97 million. That's down from the 2.01 million rate in March and the 1.98 million rate for April forecast by economists surveyed by Briefing.com.
Early Tuesday, Home Depot (HD: Research, Estimates) reported it earned 52 cents a share, excluding special items, in its fiscal first quarter, up 33 percent from a year earlier and topping the most optimistic analyst forecast. Earnings tracker First Call had a 43-cent consensus EPS forecast and a range of estimates from 41 to 46 cents.
Among other retailers reporting results Tuesday, J.C. Penney (JCP: Research, Estimates) earned 38 cents a share from continuing operations, topping First Call's consensus EPS forecast of 34 cents and the 5 cents a share it earned on that basis a year earlier. Staples (SPLS: Research, Estimates) reported net income of 25 cents a share, topping the consensus forecast of 22 cents and the 18 cents a share it earned, excluding items, a year earlier.
Barnes & Noble (BKS: Research, Estimates) is also due to report results before the market opens Tuesday. It is forecast to post EPS of 12 cents after a loss of 3 cents a share a year earlier.
|
