RTTNews - After staging a substantial rally in the previous session, stocks are poised to show a lack of conviction at the open on Tuesday. The major index futures are turning in a mixed performance, as traders await key housing data.
A half-hour after the start of trading, traders will be presented with forward-looking data from the housing sector. The National Association of Realtors will reveal its pending home sales figures for the month of April, with the pending home sales index expected to edge up by 0.5 percent.
Trading could also be impacted by the release of reports on May auto sales from the major automakers, especially given the backdrop of General Motors' bankruptcy filing.
A day after GM filed for bankruptcy, reports have surfaced indicating that the fallen auto giant is due to announce the sale of its Hummer brand Tuesday.
In other corporate news, financial service provider JP Morgan Chase (JPM) said Monday that it plans to raise around $5 billion in common equity as part of its effort to repay $25 billion of the capital it received from the federal bailout fund.
American Express (AXP) also revealed that it has commenced a public offering of $500 million of its common stock. Part of the funding is expected to go to a repurchase of $3.4 billion of preferred shares issued to the U.S. Treasury as part of the Capital Purchase Program.
Meanwhile, Barclays said Monday that Abu Dhabi government-owned International Petroleum Investment Co., or IPIC, has revealed its intention to sell 1.3 billion shares of Barclays. IPIC intends to use the money from the sale to buy energy assets as raw materials prices rebound.
In other news, shares of DeVry (DV) could be in focus after Standard & Poor's announced that the education company would replace General Motors in the S&P 500.
Stocks were able to extend their gains for a third straight session on Monday, seeing a notably strong outing for the first trading day of June. The major averages all finished firmly in positive territory, with the Nasdaq and S&P 500 closing at their best levels of the year.
The Dow closed up 221 points at 8,721, the Nasdaq finished up by 54 points at 1,829, and the S&P 500 rose 24 points to 943.
In early commodities trading, crude oil futures are slipping, falling by $0.69 to $67.89 a barrel, while gold futures are on the rise, moving up by $3.30 to $983.30 an ounce.
On the currency front, the U.S. dollar is continuing its retreat against the major European currencies, dropping to $1.4248 against the euro and slipping to $1.6470 against the pound. The dollar continues to remain in a range versus the yen, falling to 95.61 yen.
With the recent rally in commodities, the dollar has especially weakened against resource driven currencies such as the Australian and Canadian dollar.
In overseas trading, stock markets across the Asia-Pacific region finished largely mixed. Japan's benchmark Nikkei 225 Index edged up by 0.3 percent, while Hong Kong's Hang Seng fell 2.6 percent.
Meanwhile, the major European markets are currently all moving lower. The U.K.'s FTSE 100 Index is down 1.2 percent, while the French CAC 40 Index and the German DAX Index are down 0.5 percent and 0.3 percent, respectively.
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