By Sara Sjolin, MarketWatch
Monthly car sales are among Tuesday's highlights
LONDON (MarketWatch) -- U.S. stock futures pulled back on
Tuesday, indicating the Nasdaq will struggle to hang onto the 5,000
level it reached in the prior session, for the first time since
2000.
Likely to drive market action later in day are earnings from
Best Buy and AutoZone, as well as monthly sales figures from car
makers.
Futures for the Nasdaq 100 index (NDH5) slipped 2.50 points, or
0.1%, to 4,474.50, suggesting the index will pull back from its key
5,000 level when the markets open later on Tuesday. The benchmark
closed at 5,008.10 on Monday, only 0.8% short of its record close
of 5,048.62 hit on March 10, 2000.
The S&P 500 index (SPX) and Dow Jones Industrial Average
(DJI) both nudged record closing highs on Monday, but were poised
for a slight pullback on Tuesday. Futures for the S&P (SPH5)
dropped 2.20 points, or 0.1%, to 2,111.70, while those for the Dow
Average (DJH5) fell 10 points, or 0.1%, to 18,238.
Car sales: With no top-tier data releases on tap Tuesday,
monthly auto-sales figures are the highlight of the day. Economists
polled by MarketWatch expect total sales to have climbed to 16.7
million in February, up from 16.6 million in January. Shares of
General Motors Co. (GM.XX) and Ford Motor Co. (F) were unchanged
premarket.
Fed speakers: Federal Reserve Chairwoman Janet Yellen gives a
speech on bank regulation and supervision at the Citizens Budget
Commission's Annual Awards Dinner in New York City at 8:15 p.m.
Eastern.
Earnings: Reporting ahead of the bell, retailer Best Buy Co.
Inc.(BBY) is projected to report fourth-quarter earnings of $1.35 a
share, according to a consensus survey by FactSet.
Car-parts retailer AutoZone Inc.(AZO) is forecast to post fiscal
second-quarter earnings of $6.38 a share.
Designer clothing company Kate Spade & Co.(KATE) is expected
to post fourth-quarter earnings of 28 cents a share.
Sports-equipment retailer Dick's Sporting Goods Inc.(DKS) is
expected to post fourth-quarter earnings of $1.22 a share.
Movers and shakers: Shares of McDermott International Inc.(MDR)
soared 21% ahead of the bell after the oilfield-engineering company
late Monday posted a surprise profit for the fourth quarter
(http://www.marketwatch.com/story/mcdermott-shares-jump-on-surprise-earnings-2015-03-02).
Pharmaceuticals company Mylan NV(MYL) could also be active after
reporting earnings in line with forecasts
(http://www.marketwatch.com/story/mylan-posts-higher-profit-and-sales-2015-03-02-164855015)
late Monday.
Caesars Entertainment Corp.(CZR) could move after saying its
fourth-quarter loss narrowed to $7 a share from a loss of $12.83 a
share in the year-earlier period.
Other markets:European stock markets advanced
(http://www.marketwatch.com/storyno-meta-for-guid), boosted by
better-than-expected data from Germany and Spain. Asian stocks
closed mixed (http://www.marketwatch.com/storyno-meta-for-guid),
with China's Shanghai Composite Index sliding 2.2%.
Crude oil (CLJ5) climbed back above $50 a barrel
(http://www.marketwatch.com/story/oil-ticks-higher-but-stays-volatile-2015-03-03),
while most metals moved lower
(http://www.marketwatch.com/storyno-meta-for-guid). The ICE dollar
index (DXY) was unchanged.
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