Before the bell 6-29-07: Stocks lower ahead of iDay

Stock futures are indicating a lower start for today's session after the Federal Reserve left rates unchanged yesterday and a car bomb was found and disarmed in London. Today, several economic indicators are due to be released today as is the much awaited and much hyped Apple's (NASDAQ: AAPL) iPhone.

Yesterday, stocks finished nearly flat despite being up earlier in the day. Although the Federal Reserve's move was expected, the Fed still remained cautious on inflation.

Earlier today, the British police found and disarmed a car bomb found in London, causing jitters among investors in Europe and the U.S..
Several economic readings are due today:

• At 8:30 am, May personal income and spending report will be released and is forecast to show a 0.6% rise in income after a 0.1% decline in April according to Briefing.com. Spending is expected to have risen 0.7% in May after rising 0.5% the month before.
• At the same time, May core PCE (personal consumption expenditures) inflation will be released, an inflation gauge.
• Other reports include May construction spending, and June Chicago PMI and University of Michigan consumer confidence survey.

Overseas, Asian markets generally finished higher except for Hong Kong and China. European stocks fell ahead of U.S. economic data.

Corporate news:

It is interesting that a day before the iPhone debuts, two smartphone makers reported quarterly earnings:

Research in Motion Ltd. (NASDAQ: RIMM) basically said, "iPhone? What iPhone?" as it reported a whopping 73% increase in sales, beating analysts' estimates for the quarter. The company also announced a three-for-one stock split. Shares of RIM are up nearly 20% in pre-market trading (7:38 am) to $198.50.

Meanwhile, at Palm Inc. (NASDAQ: PALM) results were less as expensive at the Treo fared less well than the RIM's BlackBerry. Quarterly profit plunged 43%, and although that was expected, guidance didn't impress investors as Palm expects iPhone effects. Shares were down in after-hours trading.