Investing.com - U.S. stock futures pointed to a steady open on
Tuesday, as investors remained cautious ahead of fresh earnings
reports, as well as Federal Reserve Chair Janet Yellen's testimony
before Congress, due to begin later in the day.
Ahead of the open, the Dow 30futures pointed to a 0.10% loss,
S&P 500futures signaled a 0.17% fall, while the Nasdaq
100futures indicated a 0.06% dip.
Fed Chairwoman Janet Yellen was set to testify before Congress
on Tuesday and Wednesday.
In the minutes of the Federal Reserve's June policy meeting
released last week, the U.S. central bank predicted an October
close to its bond-buying stimulus program but did not hint at a
timetable as to when interest rates may begin to rise
The tech sector was expected to be in focus, amid reports
Microsoft (NASDAQ:MSFT) is planning its biggest round of job cuts
in five years.
The reductions, which could be unveiled as soon as this week,
are expected to include areas such as Nokia and divisions of
Microsoft that overlap with that business, as well as marketing and
Separately, Novartis (SIX:NOVN) said its Alcon unit will work
with Google (NASDAQ:GOOGL) to develop smart contact lenses with
embedded electronics to improve vision and monitor health.
According to a statement, the Swiss company will work with the
Google X division on lenses with non-invasive sensors, microchips
and embedded miniaturized electronics to monitor insulin levels for
people with diabetes.
Auto stocks were also slated to be active, after German group
Volkswagen (XETRA:VOWG) announced that it is planning to spend $900
million to build a mid-sized SUV at its U.S. plant in Tennessee,
nearly doubling the factory's workforce, in a move to boost sales
in the world's second-largest auto market.
Other stocks likely to be in focus included Goldman Sachs
(NYSE:GS), Johnson & Johnson (NYSE:JNJ), JP Morgan Chase
(NYSE:JPM), Intel (NASDAQ:INTC), Yahoo! Inc (NASDAQ:YHOO), CSX
(NYSE:CSX), Pinnacle Financial (NASDAQ:PNFP) and Commerce
Bancshares (NASDAQ:CBSH), scheduled to report quarterly earnings
later in the day.
Across the Atlantic, European stock markets were lower. The DJ
Euro Stoxx 50 declined 0.80%, France's CAC 40 dropped 0.56%,
Germany's DAX retreated 0.50%, while Britain's FTSE 100 slipped
During the Asian trading session, Hong Kong's Hang Seng gained
0.49%, while Japan's Nikkei 225 advanced 0.64%.
Later in the day, the U.S. was to release data on retail sales,
as well as data on import prices, business inventories and
manufacturing activity in the Empire state.
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