Stocks: Investors to take a step back

  @CNNMoneyInvest July 2, 2013: 9:04 AM ET
u.s. stock futures, premarket

Click the chart for more premarket data.

NEW YORK (CNNMoney)

After kicking off the second half of the year with a strong performance, U.S. investors were looking to take a step back Tuesday.

U.S. stock futures were were pointing to a flat open on Wall Street.

The major U.S. automakers are set to release monthly sales figures, while the Census Bureau will release data on factory orders at 10 a.m. ET.

U.S. stocks finished with gains Monday following positive reports on manufacturing and construction spending.

The economic reports were consistent with a gradually improving economy, but not strong enough to raise concerns about the Federal Reserve reducing its stimulus policies.

Chris Beauchamp, market analyst for IG Markets in London, said that analysts are driving Wall Street with the expectation of a strong June payroll report on Friday. But after that, he expects some market stagnation, as traders disappear for summer vacation.

"This might be the last hurrah before a general period of summer weakness [and] directionless trading," he said.

Going forward, Beauchamp expects "an inability to establish a clear direction with so many people out of the market."

Related: Fear & Greed Index driven by fear

Zynga (ZNGA) shares closed up more than 10% Monday and were up an additional 4% in premarket trading. The social gaming company announced late Monday that CEO Mark Pincus is stepping down. Don Mattrick, the former head of Microsoft's (MSFT, Fortune 500) Xbox and gaming division, will take over as Zynga chief.

In world markets, European stocks were lower in afternoon trading, pulling back after broad-based gains Monday.

Schwarzman: Economic recovery is real

Asian markets ended with mixed results. In China, the Shanghai Composite added 0.6%. But traders in Hong Kong came back from a Monday holiday in a bearish mood, pushing the benchmark Hang Seng index down by 0.7%.

Tokyo's Nikkei gained 1.8%. The index has surged by more than 9% since Thursday morning, bouncing back from bear market territory. The index has been helped over the past few days as the yen weakened against the dollar. To top of page



Join the Conversation
Markets
Sponsored by
Index Last Change % Change
Dow 16,450.04 41.50 0.25%
Nasdaq 4,104.71 9.19 0.22%
S&P 500 1,869.14 4.29 0.23%
Treasuries 2.70 -0.02 -0.70%
Data as of 10:19am ET
Company Price Change % Change
Facebook Inc 60.34 1.40 2.38%
Micron Technology In... 25.05 1.14 4.77%
Bank of America Corp... 16.12 -0.03 -0.19%
Pfizer Inc 30.70 0.45 1.49%
Newmont Mining Corp 25.28 1.74 7.39%
Data as of 10:04am ET
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.36%4.24%
15 yr fixed3.39%3.26%
5/1 ARM3.36%3.27%
30 yr refi4.34%4.22%
15 yr refi3.38%3.24%
View rates in your area
 
Find personalized rates:
Rate data provided
by Bankrate.com
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.