U.S. stocks head for flat open
Enviado: 25/7/2003 14:25CBS MarketWatch
U.S. stocks head for flat open
Friday July 25, 9:14 am ET
By Rex Nutting
WASHINGTON (CBS.MW) -- U.S. stocks are heading for a flat opening Friday despite encouraging signs of a capital spending rebound and a flow of good earnings reports.
Stock futures and pre-market trades pointed to a unimpressive opening. Futures couldn't hold on to gains seen just after the Commerce Department reported a better-than-expected 2.1 percent rise in June durable goods orders.
Orders for core capital goods rose 2 percent, fueling hope that the three-year drought in capital spending could be ending.
Microsoft (NasdaqNMMSFTNews) isn't just hoping to spend more; it's putting its money on the line. The software giant said it would invest $7 billion in research and development and hire as many as 4,000 workers.
Technology in the broad sense remained the focus. Investors were paying particular emphasis to forward-looking statements.
Pfizer (NYSEPFENews) said its revenues rose 37 percent in the second quarter but it left its outlook for earnings unchanged.
Ebay (NasdaqNMEBAYNews) disappointed investors even after revising its outlook higher.
Igen (NasdaqNMIGENNews) was the biggest winner after Roche offered to pay a hefty premium to buy its technology.
JDS Uniphase (NasdaqNMJDSUNews) was the big loser following its warning about sliding sales. Another telecom equipment maker, Nortel (NYSENTNews) , said its revenue fell 3 percent in the quarter.
Money is flowing into U.S. stock funds. U.S. equity funds took in $3.2 billion in new money during the week ending Wednesday, Trim Tab estimated. Meanwhile, international stock funds had outflows of $800 million. Bond funds had inflows of $1.5 billion.
On Thursday, an early rally in U.S. stocks ran out of gas in the late afternoon. Major indexes closed at the lows of the day.
The Dow Jones Industrial Average (CBOT^DJINews) closed down 82 points or 0.9 percent to 9,112. The Nasdaq (NasdaqSC^IXICNews) sank 18 points or 1 percent at 1,701. The broad S&P 500 index (CBOE^SPXNews) fell 7 points or 0.7 percent to 982 after peaking just below the 1,000 level.
The Russell 2000 index (CBOE^RUTNews) of smaller companies dipped 0.2 percent.
Other markets
Treasurys sold off on the durable goods report, then recovered almost immediately. The benchmark 10-year note was last yielding (CBOE^TNXNews) 4.17 percent, down 1/32. See Bond Report .
The dollar was weaker. The euro gained 0.3 percent to $1.1507, while the dollar sank 0.2 percent to 118.65 yen.
Crude oil futures fell 19 cents to $30.03. Gold futures gained $1.40 to $363.60.
U.S. stocks head for flat open
Friday July 25, 9:14 am ET
By Rex Nutting
WASHINGTON (CBS.MW) -- U.S. stocks are heading for a flat opening Friday despite encouraging signs of a capital spending rebound and a flow of good earnings reports.
Stock futures and pre-market trades pointed to a unimpressive opening. Futures couldn't hold on to gains seen just after the Commerce Department reported a better-than-expected 2.1 percent rise in June durable goods orders.
Orders for core capital goods rose 2 percent, fueling hope that the three-year drought in capital spending could be ending.
Microsoft (NasdaqNMMSFTNews) isn't just hoping to spend more; it's putting its money on the line. The software giant said it would invest $7 billion in research and development and hire as many as 4,000 workers.
Technology in the broad sense remained the focus. Investors were paying particular emphasis to forward-looking statements.
Pfizer (NYSEPFENews) said its revenues rose 37 percent in the second quarter but it left its outlook for earnings unchanged.
Ebay (NasdaqNMEBAYNews) disappointed investors even after revising its outlook higher.
Igen (NasdaqNMIGENNews) was the biggest winner after Roche offered to pay a hefty premium to buy its technology.
JDS Uniphase (NasdaqNMJDSUNews) was the big loser following its warning about sliding sales. Another telecom equipment maker, Nortel (NYSENTNews) , said its revenue fell 3 percent in the quarter.
Money is flowing into U.S. stock funds. U.S. equity funds took in $3.2 billion in new money during the week ending Wednesday, Trim Tab estimated. Meanwhile, international stock funds had outflows of $800 million. Bond funds had inflows of $1.5 billion.
On Thursday, an early rally in U.S. stocks ran out of gas in the late afternoon. Major indexes closed at the lows of the day.
The Dow Jones Industrial Average (CBOT^DJINews) closed down 82 points or 0.9 percent to 9,112. The Nasdaq (NasdaqSC^IXICNews) sank 18 points or 1 percent at 1,701. The broad S&P 500 index (CBOE^SPXNews) fell 7 points or 0.7 percent to 982 after peaking just below the 1,000 level.
The Russell 2000 index (CBOE^RUTNews) of smaller companies dipped 0.2 percent.
Other markets
Treasurys sold off on the durable goods report, then recovered almost immediately. The benchmark 10-year note was last yielding (CBOE^TNXNews) 4.17 percent, down 1/32. See Bond Report .
The dollar was weaker. The euro gained 0.3 percent to $1.1507, while the dollar sank 0.2 percent to 118.65 yen.
Crude oil futures fell 19 cents to $30.03. Gold futures gained $1.40 to $363.60.