Before the bell: Stocks futures steady ahead of GDP, housing data

Posted Nov 24th 2009 7:55AM by Melly AlazrakiMelly Alazraki RSS Feed
Filed under: Before the Bell, International Markets, Hewlett-Packard (HPQ), Market Matters, Economic Data, Housing, Federal Reserve, Financial Crisis

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U.S. stock futures were mixed Tuesday morning, trading in a tight range after snapping a three-day losing streak Monday with a strong rally. This morning, investors await a slew of economic reports as they digest recent tech earnings and more bank news.

Stronger-than-expected home sales data, as well as rising commodity prices and a weak dollar, helped fuel markets Monday, which closed at least 1.3% higher.

On the economic front, several key data points are to be released this morning:
  • At 8:30 a.m. Eastern, a revision of third-quarter GDP is due out. Economists expect a downward revision from an earlier 3.5% growth figure to 2.8% growth in the third quarter.
  • At 9:00 a.m., the Case-Shiller housing index for September will be reported. Analysts expect a smaller decline than last month.
  • At 10:00 a.m., November consumer confidence will be released, which should have ticked up.
  • Finally, at 2:00 p.m., the Federal Reserve will release minutes from its latest meeting.
Banks are also in focus this morning. While some believe the rescue program has achieved its goal and banks are much stronger today, others say that while the financial system is stable, it is not normal and could be derailed again. The Treasury is rethinking TARP. Meanwhile, in Asia, following a warning from China's central bank that commercial banks need to control their lending, China's five largest banks submitted plans to regulators for raising money after unprecedented lending eroded their capital, according to Bloomberg's sources.

In fact, overseas markets fell Tuesday with China's main index posting its biggest drop in three months after the country's central bank warned commercial banks to control their lending.

The dollar, managed to recover a bit Tuesday, rising against most major international currencies, except the yen. Oil prices fell toward $77 a barrel. Gold kept near its record.

Tech earnings are also in the spotlight with Hewlett-Packard (HPQ) announcing it tripled its share repurchase program and Analog Devices In (ADI) and Brocade Communications Systems Inc (BRCD) beating expectations when reported Monday after the close.

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Symbol Lookup
IndexesChangePrice
DJIA-67.119,991.53
NASDAQ-15.542,135.33
S&P 500-8.181,062.34

Last updated: February 10, 2010: 11:09 AM

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