RTTNews - US stocks futures point to a slightly higher opening Tuesday morning following sharp losses in the previous session, awaiting cues from existing home sales report as Fed Reserve commences its two-day FOMC meeting.
As of 6.15 am ET, the Dow Futures were up 30 points, the NASDAQ Futures were up 4.00 points, and the S&P Futures were up 4.60 points
With a relatively light day on the economic front, traders are likely to pay attention to the National Association of Realtor's report on existing home sales for May. Economists expect the annual rate to climb to 4.82 million in May from 4.68 million in April. The report is set to be released at 10:00 a.m. ET. All eyes will be on the Federal Reserve, which begins its two-day FOMC meeting to discuss the near-term direction of monetary policy.
The market witnessed a sharp sell-off on Monday amid concerns of economic recovery after a World Bank report lowered its global growth forecast and warned of much trouble in the near future. The bleak forecast dragged commodity prices lower on concerns about slack demand, while at the same time strengthening the U.S. Dollar, which is perceived as a relatively safer bet in times of uncertainty. and strengthened the US greenback. The Dow finished down by 200.72 points or 2.4% at 8,339, the Nasdaq fell by 61.28 points or 3.4% to 1,766 and the S&P 500 dropped 28.19 points or 3.1% percent to 893.
Food retailer The Kroger Co. (KR) is slated to release financial results for the first quarter before the market opens for trading. Analysts expect the company to report earnings per share of $0.61 for the quarter.
Enterprise software company Oracle (ORCL), manufacturer of specialty chemical products, H.B Fuller Company (FUL) and provider of electronic manufacturing services, Jabil Circuit (JBL) are scheduled to report their quarterly earnings results after the markets close for the day.
After the markets closed, memory chip technology and architecture provider Rambus Inc. (RMBS), lowered its revenue forecast for the second quarter from its prior range, citing the impact of the spiraling economy and its effect on the sales of semiconductors and consumer electronic systems.
Intersil Corp (ISIL) raised its revenue guidance for its second quarter after the markets closed on Monday, citing strength in its computing and consumer end markets.
Swiss mining company Xstrata's (XSRAF.PK) proposal for a $68 billion merger of equals with Anglo American plc (AAUK) was rejected by Anglo American plc on the ground that the merger was unattractive to its shareholders.
Light sweet crude oil futures for August delivery is trading at $66.98 a barrel, recovering from the low of $66.37 after closing Monday's session at $66.93.
The Euro is gaining against other major currencies after German consumer confidence rose following a period of stability, signaling positive development in July.
European markets are trading flat with marginal gains as gains in pharma stocks were offset by losses in mining stocks.
Asian markets ended sharply lower on concerns about the global recovery.
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