Futures As of 8:25 AM ET
S&P 500: -8.50; 1,467.00
NASDAQ 100: -18.00; 2,057.00
Dow: -67; 13,282
10-Year Treasury [price/yield]: 103-05½/3.86%
Oil: -0.44%; $88.92 (-$0.39)
Gold: +0.94%; $802.20 (+$7.50)
U.S. Market Preview (compiled by SA Editor Jonathan Liss)
Following a late-day selloff Monday, U.S. futures continued lower Tuesday morning, despite comments by San Francisco Fed President Janet Yellen late Monday that implied her support for another Fed rate cut on Dec. 11 (full summary). Treasury Secretary Paulson also said Monday implementation of an ARM relief plan is imminent (full summary).
Nokia (NYSE:NOK) shares fell 4.1% in European trading Tuesday after the company's two-year forecast disappointed investors (full summary); the world's number-one handset maker is considered a global tech barometer. Patent-holding firm Klausner Technologies is suing Apple (NASDAQ:AAPL) and AT&T (NYSE:T) for $360 million for infringing on its visual voicemail patents (full summary).
U.S. November auto sales came in weaker-than-expected Monday with General Motors' (NYSE:GM) sales falling 11%, while Ford (NYSE:F) and Toyota (NYSE:TM) both returned to the black with slight gains (full summary). Dow Chemical (DOW) announced Tuesday morning it would shut down some of its operations, leading to apprroximately 1,000 layoffs.
AutoZone (NYSE:AZO) topped EPS estimates by $0.11 ($2.02) on revenue growth of 4.5% , America's Car-Mart (NASDAQ:CRMT) beat by $0.13 ($0.29) on a 14.6% increase in revenue, and Sanderson Farms (NASDAQ:SAFM) missed by a penny ($1.18) despite robust sales growth of 46.3%.
There are no U.S. economic reports Tuesday.
See today's Wall Street Breakfast for a roundup of news from the last 24 hours.