Stocks set to start mixed

Readings on pending home sales, auto sales on tap. GM sells Hummer.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By CNNMoney.com staff

301 Moved Permanently

301 Moved Permanently


nginx

NEW YORK(CNNMoney.com) -- U.S. stocks were set to open mixed Tuesday as investors displayed caution ahead of the some new economic reports.

At 7:27 a.m. ET, Dow Jones industrial average, S&P 500 and Nasdaq 100 futures were narrowly mixed.

Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins in New York.

U.S. stocks roared Monday on upbeat economic news. The Nasdaq climbed 3%, while the Dow and S&P both surged about 2.6%.

Manus Cranny, market analyst at MF Global in London, said the markets might have overextended themselves with Monday's rally.

"The fundamentals haven't quite caught up with the sentiment and the momentum in the market itself," said Cranny.

GM: General Motors announced the sale of its Hummer truck brand, though it wouldn't name names or price. GM said the deal would close by the end of the third quarter.

The move comes after GM (GM, Fortune 500) filed for bankruptcy protection Monday, bringing an end to an era for the iconic automaker. The bankruptcy was hailed by President Obama, who wants a complete overhaul of the U.S. auto industry, even though GM's Chapter 11 will result in 20,000 job losses and the closure of 12 plants.

Economy: A report on pending home sales in April is on tap at 10 a.m. ET. Auto and truck sales for May also are slated for release.

Companies: JPMorgan Chase (JPM, Fortune 500) and American Express (AXP, Fortune 500) both announced plans late Monday to sell stock. They are the two latest banks looking to raise money to repay government bailout funds.

The Federal Reserve is expected to announce next week which of the 19 banks that it ran so-called stress tests on will be allowed to pay back bailout funds.

Citigroup (C, Fortune 500) has decided to withhold severance payments worth tens of millions of dollars to five former executives, according to a report in the Wall Street Journal.

World markets: Asian stocks ended mixed, with Japan's Nikkei posting mild gains and Hong Kong's Hang Seng falling 2.6%. Major European markets were mixed in midday trading.

Money and oil: The dollar slipped versus the major international currencies, including the euro, the yen and the British pound. In a departure from its recent rallies, the price of oil fell 38 cents a barrel to $68.20. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
These 20 antique guns could fetch big bucks Morphy Auctions in Pennsylvania is putting nearly 1,000 old guns on the block. Here are just a few. More
15 execs who make more than their CEOs Sure, corporate chiefs' pay often is eye-poppingly high. But at some companies, executives lower down the ladder quietly out-earned their CEO bosses. More
Novelty gifts for people with money to burn For those who've got the cash, these holiday gifts can really make a statement. More
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.