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It was to be expected. After Wall Street climbed to 13-months highs with stocks rallying over 2% just on Monday to add to last week's gains, finally U.S. stock futures edged lower Tuesday morning, indicating stocks will are poised to retreat somewhat at the open. There's not much news this morning as investors await some housing data.Deals and the Group of 20 helped sentiment Monday push stocks for their six straight higher close. Several deals in the making boosted investor confidence as did the Group of 20, which said over the weekend that it would keep economic stimulus measures in place for now. And with the Federal Reserve indicating it would keep rates low, buyers came back in droves Monday taking the Dow industrials up over 200 points.
Not much economic news is on the docket today, but at 10:00 a.m., the National Association of Realtors will release a report on median home prices. No doubt, criticism will continue regarding President Obama's administration plan to stem foreclosures. The plan reached only 19% percent of troubled homeowners in California, Nevada and Arizona -- the states most affected by the housing meltdown, according to data being released Tuesday.
Meanwhile, top economists, according to a survey released Tuesday, had raised their 2010 projections for gross domestic product for a fourth straight month, predicting it would expand 2.7% next year. While they are growing more confident about the the U.S. economy's recovery they still expect the pace of growth to fall short of the typical post-recession bounce.
Investors will also be interested in the upcoming draft bill on financial regulation reform from the Senate Banking Committee that chairman Christopher Dodd will probably release today.
Overseas, European and Asian stocks rose further Tuesday as expectations of low borrowing costs continued to boost the appeal of equity markets over other investments. Still, Fitch warned Britain is most at risk among the big economies to lose its top-notch credit rating, while Japan faces a review of its rating if government debt issuance rises greatly.
Some stocks in the news include MBIA (MBI), which reported a quarterly loss and Sun (JAVA) and Oracle (ORCL), whose deal was rejected by the European commission.
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