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A zig zag on tap
Futures point to mixed open as investors look to consolidate recent gains.
July 28, 2005: 6:09 AM EDT

NEW YORK (CNN/Money) - Investors seemed to ready to take a pause Thursday to consolidate recent gains.

U.S. stock futures were mixed in early trading, with Nasdaq futures down slightly and Standard & Poor's 500 futures pointing slightly higher.

U.S. indexes closed higher after a late afternoon rally Wednesday, after reports from Federal Reserve banks around the country in the so-called Beige Book said the central bankers saw the economy improving while inflation fears eased.

Among earnings investors will weigh Thursday are results from Exxon Mobil (Research), which is expected to see profits soar more than 40 percent on higher oil prices in the period. Also they'll weigh comments due from Microsoft (Research) executives when they meet with analysts at 11 a.m. ET Thursday.

Oil prices were slightly higher in early trading. The September light crude futures contract for NYMEX gained 18 cents to $59.29 a barrel in electronic trading, while the September contract for Brent crude rose 13 cents to $58.14.

Major markets in Asia closed higher Thursday on strong earnings reports, although after markets closed consumer electronics and media company Sony (Research) reported a fiscal first quarter net loss rather than the expected profit, and it slashed earnings guidance for the rest of the fiscal year.

Major European markets were higher in early trading. Automaker DaimlerChrysler shares soared 8 percent in Frankfurt after the company reported earnings and the departure of CEO Juergen Schrempp, who will be replaced by Dieter Zetsche, president of Chrysler Group, the company's North American unit.

Treasury prices were little changed, leaving the yield on the 10-year note at the 4.25 percent level reached late Wednesday. The dollar gained ground against on the euro and the yen.

For a more detailed look at the markets before the open, click here.  Top of page

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