RTTNews - US stocks were looking for direction Tuesday morning in New York, as lingering concerns about the economy offset news that Texas Instruments has boosted its quarterly profit and sales outlook.
As of 6:15 am ET, the Dow Futures were down 11 points, the NASDAQ Futures were up 3 points, and the S&P Futures were down 1 points.
Stocks finished Monday's session little changed, as some traders went bargain hunting in the afternoon following a morning sell-off.
While the Dow finished up by 1.36 or less than a tenth of a percent at 8,764.49, the NASDAQ dipped by 7.02 or 0.4 percent to 1842.40, and the S&P 500 fell 0.95 or 0.1 percent to 939.14.
With a relatively light day on tap for Tuesday, traders may pay a bit more attention to wholesale inventories figures for April set to be released from the Commerce Department. Economists expect inventories to decline 1.1 percent.
Some traders may look to the Treasury Department's auction of $19.0 billion worth of three-year notes set to take place Tuesday afternoon. The bond market has been in focus recently, as the Fed's quantitative easing moves have done little to slow rising yields, causing some concern among investors.
Texas Instruments Inc. (TXN) on Monday raised its revenue and earnings guidance for the second quarter.
In its scheduled mid-quarter update, the world's second largest maker of mobile phone chips said it now expects second quarter revenue to be in the range of $2.30 billion to $2.50 billion, compared to its prior guidance of $1.95 billion to $2.40 billion.
Bankrupt automaker Chrysler LLC's planned asset sale to a group led by Italian automaker Fiat SpA (FIATY.PK: News ) was thrown into uncertainty after a U.S. Supreme Court Justice issued a stay to the sale, which was sought by a group of Indiana pension funds.
Elsewhere, according to the FT, Black Rock is nearing a $12-$13 billion cash and stock deal for Barclays Global Investors Unit.
Meanwhile, the Wall Street Journal reported that consumer goods giant Procter & Gamble Co. (PG) is expected to name its Chief Operating Officer Robert McDonald as the new chief executive officer, effective July 1, 2009.
Apparel retailer Talbots Inc. (TLB) will issue first-quarter scorecard on June 9, with analysts expecting a loss of $0.49 per share, on revenues of $312.74 million. In the year-ago period, the company reported earnings of $0.03 per share on net sales of $542.4 million.
European stocks edged ahead this morning, while in Asia stocks gave back some of their recent gains. The dollar held near its 2-week highs versus a basket of major counterparts, and the price of oil hovered above $68 a barrel.
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