NEW YORK (CNNMoney) -- U.S. stocks were poised to open little changed Tuesday, as investors look remain cautious about Greece's financial future.
Nasdaq (COMP) and Dow Jones industrial average (INDU) futures were hovered slightly above breakeven ahead of the opening bell. Futures measure current index values against perceived future performance.
Stocks started the second half of the year firing on all cylinders, posting the strongest week in two years Friday, as upbeat reports on the U.S. economy outweighed concerns about Greece. U.S. markets were closed Monday for Independence Day.
Standard & Poor's warned Monday that a plan for European banks to roll over some of Greece's debts into longer-term bonds would still be considered a default.
The plan, floated by European officials, is part of an effort to negotiate another bailout for the debt-stricken nation by involving the private sector.
The European Union over the weekend officially approved the final $17 billion installment of a $156 billion bailout for Greece. The funds are expected to keep Greece solvent through the summer.
Peter Cardillo, chief market economist at Avalon Partners, said gains in U.S. markets last week and a decent performance by overseas stocks on Monday appear to be overshadowing concerns about Greece, for the moment.
"There seems to be a willingness for investors to put more risk in their portfolios," he said, adding that light trading volumes can exaggerate relatively small moves in the market.
The key driver of stock prices, he added, will be reports on the U.S. economy, including data on U.S. factory orders after the opening bell Tuesday and the Labor Department's monthly jobs report on Friday.
Economy: Factory orders are due from the Commerce Department after the start of trading. Orders are forecast to have risen 1% in May, after falling 1.2% April.
Companies: Shares of China's top search engine Baidu (BIDU) rose 1%, after it reportedly signed a deal with Microsoft (MSFT, Fortune 500) to provide English-language search results in China.
Baidu's main rival, Google (GOOG, Fortune 500), has failed to gain traction in the Chinese market.
World markets: European stocks were mixed in morning trading. Britain's FTSE 100 added 0.1% and the DAX in Germany rose 0.2%, while France's CAC 40 slipped 0.3%.
Asian markets finished mixed. The Shanghai Composite ticked up 0.1%, while the Hang Seng in Hong Kong lost 1% and Japan's Nikkei was little changed.
Currencies and commodities: The dollar rose against the euro and the Japanese yen, but eased versus the British pound.
Oil for August delivery gained 53 cents to $95.47 a barrel.
Gold futures for August delivery rose $20.40 to $1,503 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury held steady Tuesday, with the yield unchanged from Friday at 3.2%.
Index | Last | Change | % Change |
---|---|---|---|
Dow | 32,627.97 | -234.33 | -0.71% |
Nasdaq | 13,215.24 | 99.07 | 0.76% |
S&P 500 | 3,913.10 | -2.36 | -0.06% |
Treasuries | 1.73 | 0.00 | 0.12% |
Company | Price | Change | % Change |
---|---|---|---|
Ford Motor Co | 8.29 | 0.05 | 0.61% |
Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
General Electric Co | 13.00 | -0.16 | -1.22% |
Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
Overnight Avg Rate | Latest | Change | Last Week |
---|---|---|---|
30 yr fixed | 3.80% | 3.88% | |
15 yr fixed | 3.20% | 3.23% | |
5/1 ARM | 3.84% | 3.88% | |
30 yr refi | 3.82% | 3.93% | |
15 yr refi | 3.20% | 3.23% |
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