Stock futures were lower early Tuesday morning after Federal Reserve Chairman Ben Bernanke said in a speech late Monday the Fed will "strongly resist" any surge in inflation expectations, meaning -- no more rate cuts.On Monday, stocks ended, trying to stage a broad comeback following Friday's selloff. The Dow industrial and the S&P 500 managed to finish the day 70 points (or 0.6%) and 1 point (or 0.1%) higher respectively, but the tech-heavy Nasdaq ended the day down 15 points, or 0.6%, despite Apple delivering the much anticipated 3G iPhone.
No only Bernanke spoke Monday evening, but president Bush commented on the dollar and U.S. Treasury Secretary Henry Paulson said he might consider foreign-exchange intervention yet. These comments strengthened the dollar against major currencies.
On the economic calendar we only have today April U.S. trade balance data to be released at 8:30 a.m. EDT.
Meanwhile, oil move a little higher Tuesday Monday's closing levels. While the International Energy Agency on Tuesday lowered its forecast for global oil demand in 2008 concerns over supplies grew due totensions in the Middle East.
Overseas, markets were generally lower with Asian stock markets sinking as China's benchmark index plummeted 7.7%.
In corporate news, Texas Instruments Inc. (NYSE: TXN) narrowed its second-quarter revenue and earnings expectations Monday, but stayed within Wall Street's expectations. TXN shares are trading mildly lower in premarket trading.
And Ford is still not giving up on pickup trucks. A top Ford Motor Co. (NYSE: F) executive said that while it's becoming clear vehicles like the F-150 pickup aren't going to sell like they have in the past, the automaker won't walk away from what has for decades been a top-seller.
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