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CNBC ON DIGG

Futures Indicate Pullback After Monday Rally

Published: Tuesday, 4 Aug 2009 | 8:48 AM ET

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By: CNBC.com

Futures suggested stock would retreat Tuesday after a milestone session on Monday that sent the S&P over 1,000 for the first time since November.

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Pre-Markets/Futures Data

Encouraging economic reports from both the U.S. and abroad had a lot to do with Monday's rally but Tuesday's data didn't seem to have the same impact.

Consumer spending rose 0.4 percent in June, slightly more than expected, helped by spending on nondurable goods. Inflation also played a role: Adjusted for inflation, spending fell 0.1 percent. Income fell 1.3 percent, the biggest drop in four-and-a-half years.

PepsiCo [PEP Loading... () ] agreed to buy its two biggest bottlers, CNBC has learned. The soft-drink and snack company will pay $36.50 a share for Pepsi Bottling Group [PBG Loading... () ] and $28.50 a share for PepsiAmericas [PAS Loading... () ]. The combined value of the deals is about $7.8 billion.

After autos helped lift the market Monday, the upbeat news from the auto sector continued, with Toyota [TM Loading... () ] cutting its annual loss forecast.

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Several economic reports out that are of significance: at 8:30 am New York time, the government is out with personal income and consumer spending numbers for June. Economists are looking for a 1 percent drop in income, with spending registering a 0.2 percent increase.

At 10 am New York time, we'll get Pending Home Sales numbers for June, with the consensus forecast looking for a 0.6 percent rise.

Among companies reporting earnings before the bell, CVS Caremark reported a rise in profit and also raised its outlook. Homebuilder D.R. Horton narrowed its loss for the quarter, compared with a year ago, and Duke Energy said earnings fell as demand for power from industrial customers waned.

Marvel Entertainment reported a higher-than-expected profit and raised the low end of its full-year earnings guidance. And Archer-Daniels Midland reported fiscal-fourth quarter earnings that were sharply lower than analysts predicted as sales tumbled 24 percent from the year ago-period.

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