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U.S. stock index futures indicated a slightly higher open for Wall Street on Tuesday as the dollar strengthened.
FOR THE INVESTOR |
Prices of U.S. single-family homes dropped by a record 15.4 percent in the second quarter, according to a Standard & Poor's/Case Shiller report. A composite index of 10 metropolitan areas fell 0.6 percent in June from May but were down a whopping 17 percent from a year earlier.
New-home sales data will be out at 10 a.m. ET and are forecast to have fallen by 5,000 on an annualized basis to 525,000 in July. Also at 10 is a report on consumer confidence.
The dollar firmed to a six-month high against the euro after data showed that German business sentiment fell to a three-year low. Oil ticked higher.
In earnings news, corporate miner Rio Tinto [RTP
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] posted a 55 percent jump in first-half profit, on the back of its 2007 takeover of Alcan and strong Chinese demand, and raised its dividend.
American Eagle [AEO
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] and Smithfield Foods [SFD
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In other corporate news, Delta Air Lines [DAL
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] said it tapped a $1 billion loan ahead of its planned merger with Northwest Airlines [NWA
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] and renegotiated its credit-card agreement to ensure revenue is turned over in a timely manner.
Asian stocks finished lower on credit worries, while European markets were also in the red on worries about the economy and the health of banks.
THIS WEEK:
MONDAY-THURSDAY: Democratic National Convention in Denver
TUESDAY: ICSC chain-store sales; Case-Shiller home-price index; new-home sales; Richmond Fed report; consumer confidence; Fed minutes; Census bureau releases 2007 stats; Farmers' Almanac 2009 hits stores, predicts colder winter; Earnings from Smithfield Foods, Big Lots
WEDNESDAY: Weekly mortgage applications; durable goods; Fed's Lockhart speaks; weekly crude inventories; Report from Chicago Fed; Earnings from American Eagle, Dollar Tree
THURSDAY: Jobless claims; GDP, corporate profits; natural-gas inventories; Earnings from Sears Holdings, Tiffany and Dell; Barack Obama's acceptance speech
FRIDAY: Personal income and spending; Chicago manuf. report; consumer sentiment; farm prices
WATCHERS: McCain VP announcement
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