Stocks: Looking for cue to extend gains

  @CNNMoneyInvest January 29, 2013: 8:26 AM ET
u.s. stock futures, premarket

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NEW YORK (CNNMoney)

Stocks may take another breather Tuesday as investors wait to take their next cue from earnings and economic data.

U.S. stock futures were slightly lower in the early going. After their recent four-week winning streak, stocks, which are hovering around 5-year highs, may be due for a pullback.

Ahead of the bell, Ford (F, Fortune 500) posted higher fourth-quarter income and sales, boosted by strong results in North America. But worse-than-expected weakness from Europe weighed on Ford's shares, which slid in premarket trading.

Shares of drugmaker Pfizer (PFE, Fortune 500) inched higher on better-than-expected quarterly results. Rival Eli Lilly and Co (LLY, Fortune 500) reported fourth-quarter earnings and sales that also topped expectations.

Related: Apple dragging down hedge funds

Glass maker Corning' (GLW, Fortune 500) stock jumped after the company delivered earnings and sales ahead of forecasts.

Shares of data storage equipment maker EMC (EMC, Fortune 500) plunged after the company's earnings outlook fell short of estimates.

Amazon.com (AMZN, Fortune 500) results are due after the closing bell.

Yahoo (YHOO, Fortune 500) shares rose almost 3% premarket trading after the company posted earnings that beat expectations late Tuesday.

On the economic front, the Case-Shiller 20-city home price index will be released at 9 a.m. ET, followed by data from the Conference Board's monthly Consumer Confidence Index at 10 a.m. ET.

Tuesday also marks the start of the Federal Reserve's first monetary policy meeting of the year. At the conclusion of the two-day meeting Wednesday afternoon, investors will look for clues from the central bank's statement for when the bond buying program could end.

Related: Fear & Greed Index hitting extreme greed

U.S. stocks finished mostly flat Monday.

European markets were mostly lower in afternoon trading. Asian markets ended mixed, as Hong Kong's Hang Seng edged lower while the Shanghai Composite and Japan's Nikkei both posted gains of about 0.3%. To top of page



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