The nervousness of Wall Street is palpable, as reflected by the U.S. index futures, which point to a modestly higher open on Tuesday. Most Asian markets closed lower, unimpressed by the lackluster Wall Street lead. European stocks are also seeing downside on the back of some profit taking. The domestic markets are likely to take cues from earnings from some key companies such as Home Depot (HD), Best Buy (BBY), Medtronic (MDT) and Saks (SKS) and speeches by two Federal Reserve presidents.
As of 6:15 pm ET, the Dow futures are rising 12 points, the S&P 500 Index futures are adding 0.90 points and the Nasdaq 100 futures are moving up 3.50 points.
The overbought U.S. stocks moved about in a lackluster fashion on Monday before ending modestly lower. The fact that the averages did not pull back notably vouches for the resilience of the markets.
On the economic front, St. Louis Federal Reserve Bank President James Bullard is due to speak on monetary policy in a low rate environment, in Frankfurt at 11:30 am ET. New York Federal Reserve Bank President William Dudley will speak on lessons from the zero bound to the Japan Society in New York at 1 pm ET.
DISH Network (DISH) said the company and Sprint Nextel (S) are to begin due diligence and engage in discussions and negotiations regarding its proposal made on April 15th, 2013. The announcement comes after Sprint Nextel got permission to negotiate a rival acquisition offer from Dish. Dish said it remains confident the process will confirm its superiority of its proposal.
TiVo (TIVO) reported a first quarter net loss that was narrower than expectations, while its revenues were slightly shy of estimates. For the second quarter, the company expects service and technology revenues in the range of $68 million to $70 million and also expects a net loss of $13 million to $16 million. On an adjusted basis and excluding litigation spend, the company expects to be profitable.
Carnival Corp. (CUK) updated its earnings guidance for the second half of 2013, citing lower net revenue yield expectations. The company now expects 2013 earnings per share to be $1.45-$1.65 per share, down from its earlier guidance of $1.82-$2.10 per share. Nevertheless, the company continues to expect second quarter earnings of 4-8 cents per share.
Pfizer (PFE) announced the discontinuation of a Phase III study evaluating the safety and efficacy of its investigational compound inotuzumab ozogamicin in patients with relapsed or refractory CD22+ aggressive non-Hodgkin lymphoma.
Wausau Paper (WPP) announced a definitive agreement to sell its specialty paper business to a new company sponsored by private equity firm KPS Capital Partners. The company expects net proceeds of $110 million from the transaction.
General Cable (BGC) announced that its board has authorized the initiation of a quarterly dividend. The company's board declared a quarterly dividend of 18 cents per share. Additionally, the company extended its existing $125 million, one-year share repurchase program adopted in October 2012 to the end of 2013.
The major Asian markets closed mostly lower, as the anxiety that plagued Wall Street and pushed traders to the defensive, manifested itself in Asia. Traders expressed indecision as the overbought markets gave little impetus to buy stocks amid a lack of any major trading catalysts.
Japan's Nikkei 225 closed up 20.21 points or 0.13 percent at 15,381. The yen weakened ahead of the Bank of Japan rate decision on Wednesday and consequently, export stocks gained ground. Australia's All Ordinaries ended 29.20 points or 0.56 percent lower at 5,156. Energy, financial, industrial, utility and consumer stocks came under selling pressure, while material stocks saw some strength. Hong Kong's Hang Seng Index closed at 23,371, down 122.49 points or 0.52 percent.
On the economic front, the Reverse Bank of Australia felt that it was appropriate to trim its official cash rate to reinvigorate growth, according to the minutes of the central Bank's May meeting released earlier today
Meanwhile, China's Shanghai Composite Index went about a volatile ride, although finishing up 5.13 points or 0.22 percent at a 2-month high of 2,305, marking the fifth session of gains.
European stocks have opened higher and have seen further downside since then despite the release of fairly encouraging corporate financial results.
In corporate news, Vodafone (VOD) reported a 9.3 percent increase in its adjusted annual operating profit for the full year ended March 2013, ahead of estimates by most analysts. The company forecast fairly robust adjusted operating profit for the year ending March 2014. U.K. security service firm G4S announced that its CEO Nick Buckles will resign and its CFO Ashley Almanza will take over as the new CEO.
Mark & Spencer reported a decline in its full year pre-tax profits to 564.3 million pounds from 658 million pounds in the prior year, with the weakness stemming from soft clothing sales. Meanwhile, U.K. luxury goods company Burberry reported better than expected earnings and revenues, riding on the strength in the Asian region.
On the economic front, German producer price inflation eased for the third straight month, according to a report released by the German Federal Statistical Office. Separate reports released by the U.K. Office for National Statistics showed a cool off in consumer and producer price inflation in the U.K.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.