Stocks are poised to head lower as investors continue to digest news out Tuesday about the nation's flagging housing market. While in recent months optimism had crept into builder stocks in anticipation of recovery, a report from the Commerce Department showed new-home construction flat last month.
The news sent the three major U.S. stock indexes lower in trading yesterday, and futures this morning show the Nasdaq Composite Index and the S&P 500 each lower by a half percent, along with the Dow Jones industrial average, which could be trading back under the 10,000 level.
Stocks were set to open higher this morning as investors worried less about Fed Chairman Ben Bernanke's latest
interest rate plans. Oil prices were up to $74.20 in early futures trading.
Iran may be in focus today. The United
Nations Security Council will meet in Paris today to figure out what to do about its nuclear ambitions.
Another focus: Automakers report April sales today, which are expected to be down for both Ford and General Motors,
with GM faring worse.
Could the Dow soon top its
all-time high? The Christian Science Monitor notes that the index is getting close to its record high of
11,723 set on Jan. 14, 2000. It probably won't reach that mark today though. In futures trading at 7 a.m., the Dow was
up to 11,406. In early 2000 a 300 point one-day gain could have been a possibility. Today? I seriously doubt
it.
Here is how the morning is shaping up for some key bloggingstocks.com names:
Apple (AAPL) is
up 89 cents (1.28%) to $70.49 at 8:06 a.m. ThinkEquity Partners issued a positive report on Apple, citing its
new "Get a Mac" ads, according to the The Fly On The Wall
(subscription required).
Google (GOOG)
is up $3.10 to $402 as of 8:08
a.m. Investors don't expect the firm to be hurt badly by Amazon dropping it as a search
partner and note the latest worldwide traffic numbers from Comscore show Google still gaining
share.
Yahoo! (YHOO)
is up 30 cents (.94%) to $32.38 as of 8:04 a.m.
eBay (EBAY)
is up 27 cents (.79%) to $34.59 as of 8:11 a.m. Forbes
profiles Skype competitor Vonage in advance of its IPO.