Stocks: Stepping back from record highs

  @CNNMoneyInvest November 19, 2013: 7:50 AM ET
sp 500 futures 740

Click on chart to track premarkets

NEW YORK (CNNMoney)

Investors were showing signs of caution Tuesday morning, a day after the Dow and S&P 500 hit record peaks.

U.S. stock futures edged lower ahead of the opening bell.

"We're reaching some big psychological levels on all three of the major indices," said Alastair McCaig, market analyst at IG in London. "Nobody really wants to be buying right at the top."

Investors were awaiting a number of corporate announcements, which could help set market direction.

JPMorgan Chase (JPM, Fortune 500) and the Justice Department are expected to finalize a $13 billion settlement related to the bank's past mortgage practices. The settlement and announcement could come as soon as Tuesday.

Shares of Nokia (NOK) and Microsoft (MSFT, Fortune 500) could also move depending on the outcome of a vote over Microsoft's planned acquisition of Nokia's mobile phone business. The sale is widely expected to be approved by shareholders.

On the earnings front, Best Buy (BBY, Fortune 500) reported quarterly revenue and profit that beat expectations. But shares took a dive in premarket trading after the electronics retailer said that "more promotions in Q4 could hurt gross margin."

Urban Outfitters (URBN) shares slipped after the retailer offered cautious guidance for the fourth quarter.

Campbell Soup (CPB, Fortune 500) lowered its guidance after a weak quarterly report. Chief Executive Denise Morrison said she was "disappointed."

Home Depot (HD, Fortune 500)reported significant growth in profit, revenue and same-store sales, and raised guidance for the year.

Tesla (TSLA) shares plunged after the National Highway Safety administration opened an investigation into vehicle fires.

Related: Fear & Greed Index, still greedy

U.S. stocks finished mixed Monday. The Dow Jones industrial average topped 16,000 for the first time while the S&P 500 briefly surpassed 1,800. But neither index closed above those milestones.

Related: 8 things to know about the 2013 bull market

European markets were dipping in morning trading, with the CAC 40 in Paris declining by roughly 1%.

Asian markets ended with mixed results. The main Chinese indexes in Shanghai and Hong Kong pulled back a tad after a big run-up Monday. Chinese stocks had been rallying strongly based on a number of reforms announced by Beijing. To top of page



Join the Conversation
Markets
Sponsored by
Index Last Change % Change
Dow 16,501.65 0.00 0.00%
Nasdaq 4,148.34 21.37 0.52%
S&P 500 1,878.61 3.22 0.17%
Treasuries 2.69 0.00 0.07%
Data as of 9:41pm ET
Company Price Change % Change
Facebook Inc 60.87 -0.49 -0.80%
Bank of America Corp... 16.34 -0.03 -0.18%
Microsoft Corp 39.86 0.17 0.43%
Verizon Communicatio... 46.28 -1.15 -2.42%
Micron Technology In... 26.16 -0.09 -0.34%
Data as of 4:01pm ET
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.24%4.32%
15 yr fixed3.25%3.36%
5/1 ARM3.27%3.37%
30 yr refi4.28%4.31%
15 yr refi3.30%3.34%
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.