U.S. stock futures changed direction Tuesday morning after trading higher earlier. Lately, stock futures pointed toward a mixed to flat open, although if the trend continues and following the weak performance in European market , they may turn negative altogether ahead of a slew of corporate earnings. [[Update 8:20 a.m.: stock futures continued to waver, recently turning slightly positive.]]On Monday, blue chip stocks closed at the high for the year on energy and financial stocks. The tech-heavy Nasdaq, however, closed slightly lower. But we're just about to get the first big wave of earnings this week with Johnson & Johnson (NYSE: JNJ) being the first big company reporting for the week this morning and Intel (NASDAQ: INTC) reporting after the close.
Overseas, Asian markets closed with gains, but European stock markets fell modestly Tuesday following soft British inflation data and a weaker than anticipated German investor survey. International investors also awaited third-quarter corporate results out of the U.S.
Today again no major economic data is due out and investors will continue to eye commodity and currency market as the dollar weakened and gold climbed as commodities offer a hedge against inflation. Oil prices rose to near $74 a barrel Tuesday due to the weakening U.S. dollar.
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