U.S. stock futures declined Tuesday morning as it seems bulls were content to rest up and take some profit after reaching certain levels the day before. Monday was the first trading day in August and following some very positive news regarding manufacturing from around the globe, carmakers reported a strong July thanks to the cash-for-clunkers program. Not tired from the recent gains in July spurred by a generally better-than-expected earnings season, investors continued to push stocks higher with the S&P 500 index reaching a level above 1,000 for the first time since last November, and the tech-heavy Nasdaq closing above 2,000 for a 1.5% gain for both.
Earnings season, meanwhile, is winding down, but several large companies are still reporting today, including Kraft (NYSE: KFT) and Archer Daniels Midland (NYSE: ADM).
On the economic front, at 8:30 a.m. Eastern, investors will take a look at a report on personal income and spending in June. At 10:00 a.m., data on pending home sales in June will be released.
Overseas, Asian markets managed to keep the rally going an finished mostly with modest gains. European stock markets, however, fell Tuesday ahead of an expected lower opening in the U.S. as mixed corporate earnings led some investors to book profits from recent market highs.
Meanwhile, oil prices fell below $71 a barrel Tuesday after a big rally fueled by signs of economic recovery in the U.S., although they remained above $70.
Closing Bell: Economic Catapult for Thanksgiving & Black Friday (WMT, TGT, GRMN, GOOG, MSFT)
Deere up on Q4 earnings performance
Reid Hoffman: LinkedIn will go public (at some point)
