RTTNews - Following a modest upward move to kick off the week, stocks are poised for a lower open on Tuesday as traders may engage in profit taking. The major index futures are all in negative territory, with the Dow futures down by 50 points.

On the economic front, focus is likely to turn to the S&P/Case-Shiller home price index, which measures real estate value in 20 major U.S. cities. Economists expect the annual rate of decline in home prices to slow to 17.9 percent from 18.12 percent in April. The data is scheduled for release at 9:00 a.m. ET.

Traders will also keep an eye on the Conference Board's report on consumer confidence in July, with the consumer confidence index expected to edge down to 49.0 from 49.3 in June. The report will be released at 10:00 a.m. ET.

In earnings news, traders were presented with earnings that largely beat on the bottom line by means of cost cutting but failed to meet revenue estimates.

Entertainment giant Viacom (VIA) reported adjusted second quarter earnings of $0.49 per share, compared to $0.64 in the previous year. While earnings came in-line with Wall Street analysts, revenues came in at $3.3 billion, well short of expectations of $3.5 billion.

Valero Energy (VLO) reported a loss of $0.48 per share for the second quarter compared to a profit of $1.37 per share in the prior year period. The loss was narrower than analysts had forecast, with the consensus calling for a loss of $0.50 per share. Revenues for the period plunged to $17.9 million, compared to $36.6 million in the year-ago period but beat estimates of $16.28 billion.

Meanwhile, Office Depot (ODP) revealed an adjusted second quarter loss of $0.22 per share, compared to earnings of $10 million or $0.04 per share a year ago. The loss was wider than analyst estimates of a loss of $0.12 per share. Revenues dropped by 22 percent to $2.82 billion, also falling short of forecasts that called for revenues of $2.88 billion.

Further, Amgen (AMGN) posted adjusted second quarter earnings that firmly beat expectations although revenues fell short of estimates. Manitowoc's (MTW) adjusted second quarter earnings also surpassed analysts' forecasts, while revenues disappointed.

After experiencing a largely lackluster session on Monday, stocks staged a modest rally in late session trading. The Dow closed up by 15 points at 9,109, the Nasdaq climbed by 2 points or to 1,968 and the S&P 500 rose by 3 points to 982.

Crude oil futures are falling in early commodities trading, sliding by $0.58 to $67.80 a barrel after rising by a modest margin in the previous session. The price of gold is also retreating, dipping by $3.30 to $950.20 an ounce.

On the currency front, the U.S. dollar is mixed against the major European currencies, holding at $1.4228 against the euro and retreating to $1.6487 versus the pound. Against the yen, the buck is sliding and is now valued at 94.54 yen.

In overseas trading, stock markets across the Asia-Pacific region finished largely on the upside on Tuesday. Australia's All Ordinaries Index and Hong Kong's Hang Seng Index posted gains of 1.5 percent and 1.8 percent, respectively, although Japan's benchmark Nikkei 225 Index closed little changed.

Meanwhile, the major European markets are moving to the downside, with the German DAX Index and the French CAC 40 Index both falling by 0.4 percent, while the U.K.'s FTSE 100 Index is down by 0.7 percent.

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