Stock futures are pointing to a sharply lower open Tuesday morning, as concerns regarding the direction of the economy amid a waning pace of recovery has rattled sentiment ahead of today's existing home sales data. The major index futures are firmly lower, with the Dow futures down by 119 points.
On the economic front, the National Association of Realtors will release its report on existing home sales for July at 10:00 a.m. ET. Economists expect the annual rate of existing home sales to come in at 4.72 million for July, sharply lower than the 5.37 million reported for June.
Traders may also look to some of the last few major quarterly earnings reports. Burger King Holdings Inc. (BKC) reported that its fourth-quarter net income came in at $0.36 per share, better than the $0.34 per share projected on Wall Street.
Worldwide revenues were $623.0 million, short of the $635.19 million expected for the period with currency conversion the primary reason for the shortfall.
Big Lots Inc. (BIG) reported that its second-quarter net income came in at $0.48 per share, just over the mark of $0.47 per share forecast by analysts. Net sales increased 5.1 percent to $1.14 billion, which was short of the $1.15 billion expected for the quarter. The firm raised its fiscal 2010 income guidance.
In other corporate news, Dell (DELL) is reportedly preparing to boost its offer for 3PAR (PAR) after its $18 per share offer was topped by Hewlett-Packard (HPQ), which offered $24 per share.
Canadian based fertilizer firm Potash (POT) is also in the spotlight as a takeover target after rejecting BHP Billiton's offer, while Rio Tinto (RTP) and possibly Sinochem International may be preparing bids.
Stocks closed lower to open the week on Monday, as concern regarding the direction of the economy erased earlier gains that came on a flurry of merger and acquisition news. The majority of the selling came late in the day, spearheaded by losses in the tech sector.
The tech-heavy Nasdaq slid by 20 points to 2,160, the Dow fell by 39 points to 10,174 and the S&P 500 declined by 4 points to 1,067.
Overseas, stock markets in the Asia-Pacific region closed sharply lower on Tuesday. Japan's benchmark Nikkei 225 Index fell by 1.3 percent and Hong Kong's Hang Seng Index declined by 1.1 percent.
The major European markets are also sharply lower. The U.K.'s FTSE 100 Index and the German DAX Index are down by 1.6 percent and 1.4 percent, respectively, while the French CAC 40 Index is down by 1.9 percent.
Among currencies, the U.S. dollar is higher against the euro, trading at $1.2599, and it is also higher against the pound at $1.5397. Versus the yen, the dollar has slipped to 83.71 yen, a fifteen-year low.
In commodities trading, crude oil futures are down by $1.14 to $71.96 a barrel and gold futures are down by $13.30 at $1,214.00 an ounce.
For comments and feedback contact: editorial@rttnews.com
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.