RTTNews - Stocks are poised to open moderately lower on Tuesday ahead of the release of a number of key economic reports shortly after the opening bell on Wall Street. The major index futures are all in negative territory, with the Dow futures down by 50 points.
The market will focus on a slew of data this morning, as the Institute of Supply Management will release the results of its manufacturing survey for August at 10:00 a.m. ET. Economists expect the ISM manufacturing index to show a reading of 50.2 compared to 48.9 in the previous month.
A reading above 50 would indicate an expansion in the manufacturing sector following eighteen consecutive months of contraction. Recent regional reports have indicated considerable improvement in the manufacturing sector.
Traders will also digest data on pending home sales for the month of July from the National Association of Realtors. Following a 3.6 percent increase in June, economists expect pending home sales to edge up 0.6 percent in July. The data is also slated for a 10:00 a.m. ET release.
Separately, the Commerce Department will release its construction spending report for July. Economists expect a modest 0.2 percent drop in construction spending after the prior report indicated a 0.3 percent increase in June.
Automakers will also be in focus, as they are expected to report monthly sales details for
August. The positive impact of the cash for clunkers program will be on traders' radar.
In corporate news, online auction giant Ebay (EBAY) is expected to announce the
sale of its Skype Internet phone calling unit to a set of private investors.
After moving sharply lower in early trading, stocks remained mostly negative throughout the trading day on Monday. The Dow closed down by 48 points at 9,496, the Nasdaq fell by 20 points to 2,009 and the S&P 500 slipped by 8 points to close at 1,021.
Crude oil futures are little changed in early commodities trading, lingering just below $70 a barrel after moving notably lower in the previous session. The price of gold is moving lower, declining by $1.70 to $950.50 an ounce.
On the currency front, the U.S. dollar is moving higher versus the major European currencies, rising to $1.4311 versus the euro and moving up to $1.6235 versus the pound. Meanwhile, the dollar is lower against the yen, trading at 93.07 yen.
In overseas trading, stock markets across the Asia-Pacific region closed mostly higher on Tuesday. Japan's benchmark Nikkei 225 Index closed up 0.4 percent, although it was well off its best levels of the day.
Meanwhile, the major European markets are all moving lower, with the French CAC 40 Index sliding by 0.9 percent, while the German DAX Index and the U.K.'s FTSE 100 are down by 1.5 and 1.2 percent, respectively.
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