Stocks face retail retreat

U.S. investors contend with weaker than expected retail sales report, Texas Instruments warning, subprime mortgage problems.


NEW YORK (CNNMoney.com) -- A weaker-than-expected retail sales was likely to sour investors at Tuesday's U.S. market open.

At 8:39 a.m. ET, Dow Jones industrial, Nasdaq and S&P futures all indicated a pullback for stocks at the start of trading.

The economy came into focus early Tuesday when the Commerce Department's retail sales number for February came in weaker than expected at a 0.1 percent gain, and a 0.1 percent decline excluding auto sales.

Economists surveyed by Briefing.com had expected overall sales to rise 0.3 percent last month, while sales excluding the volatile auto purchases were expected to rise 0.3 percent, as well.

Elsewhere, a weak first-quarter sales outlook from chipmaker Texas Instruments (Charts) could depress trading sentiment for technology stocks.

Embattled mortgage lender New Century Financial (Charts) said in a regulatory filing Tuesday that it received a grand jury subpeona last month from the U.S. Attorney's Office for the District of Columbia indicating that it was the subject of a criminal probe.

Separately, New Century said it also received a letter from the Securities and Exchange Commission on Monday that said the agency was conducting its own preliminary investigation, the company said in a regulatory filing Tuesday.

U.S. stocks closed higher Monday after a day of choppy trading on Wall Street in which worries about the subprime lenders overshadowed deals news and lower oil prices.

One glimmer of bullish news: Goldman Sachs (Charts) results came in above expectations, in spite of the shakeout in the subprime mortgage business that is seen as a threat to the health of the investment banks who helped finance the lenders.

Oil was higher Tuesday. U.S. light crude rose 43 cents to $59.34 a barrel in electronic trading.

Treasury prices rose, with the U.S. 10-year note yield slipping to 4.52 percent from 4.55 percent late Monday.

In overseas trading, European markets were lower while Asian markets were mixed. The euro and yen both were higher against the dollar.

Among other stocks in the news early Tuesday: Boston Scientific (Charts), DaimlerChrysler (Charts) and Microsoft (Charts).

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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: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. 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 2018 and/or its affiliates.

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: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. 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 2018 and/or its affiliates.