Nasdaq, SP set to diverge over Apple MADRID (Mark
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Nasdaq, S&P set to diverge over Apple
MADRID (MarketWatch) — Technology stocks were looking at early losses on Tuesday as disappointing Apple Inc. results weighed, while the rest of the market was aiming for a higher open as analysts suggested the recent selloff may be cooling down as overseas markets calm.
Durable-goods and consumer-confidence data are on tap early, while Ford Motor Co., DuPont and Pfizer Inc. are all also due to report ahead of the bell. Yahoo Inc. (NASDAQ:YHOO) will report after the close.
“The rout that has rocked global-equity markets in recent days appears to be drawing to a close as the major Asian indexes finished the day broadly unchanged,” said Joao Monteiro, analyst at Monex Capital Markets, in a note. “The fact Wall Street rallied back later in yesterday’s session doubtless helped here, and many will be hoping that this bout of selling will have knocked some of the froth out of the market, paving the way for the start of another run higher.”
Futures for the Nasdaq-100 index (GLC:NDH4) fell 7.25 points, or 0.2%, to 3,495.75, while the Dow industrials futures (CBE
JH4) piled on a 91-point, or 0.6%, gain to 15,878. Futures for the S&P 500 index (GLC:SPH4) added 9.5 points, or 0.5%, to 1,785.20.
The technology pressure was attributable to Apple (NASDAQ:AAPL) , which posted a disappointing outlook and iPhone sales tally in its fiscal second-quarter report late Monday. Shares dropped 7.6% in late trading in heavy volume, and were also looking weaker for Tuesday’s pre-open.
Ahead of the economic data, Ford (NYSE:F) will report fourth-quarter earnings, seen at 27 cents a share, according to a consensus survey by FactSet.
Among the others, DuPont (NYSE D) is expected to post earnings of 55 cents a share in the fourth quarter, and Pfizer (NYSE
FE) is projected to report fourth-quarter earnings of 52 cents a share.
Confidence among businesses and consumers will be under the microscope on Tuesday. Durable-goods data is due for release at 8:30 a.m. Eastern Time, with economists forecasting orders for big-ticket items rose 1.8% in December.
At 9 a.m. Eastern Time, the Case-Shiller index for November is expected to confirm house prices rose sharply from a year earlier.
At 10 a.m. Eastern Time, the Conference Board will issue the consumer confidence index for January, which is forecast to fall slightly to 77.6 from 78.1, partly due to a sharp pullback for Wall Street. Spotlight on economy: Businesses and consumers weigh in
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