By Barbara Kollmeyer, MarketWatch Auto makers due to report
sales, oil, gold give up gains
MADRID (MarketWatch) -- U.S. stocks were pointing to a rebound
on Tuesday, after a bruising prior session, but big pullbacks in
commodity prices were casting a shadow over those gains.
Paring earlier gains, futures for the Dow Jones Industrial
Average (DJZ4) rose 17 points to 17,772, while those for the
S&P 500 index (SPZ4) added 1.3 points to 2,052.10. Futures for
the Nasdaq-100 index (NDZ4) gained 7 points to 4,293.50. U.S.
stocks were swept up in a wave of global selling on Monday,
triggered by weak global data, and led by energy and retail
sectors.
The S&P 500 (SPX) and Dow industrials (DJI) each suffered
the biggest one-day losses since Oct. 22, dropping 0.7% and 0.3%,
respectively. The Nasdaq Composite (RIXF) slid 1.3%, dragged by a
volatile session for Apple Inc. ((AAPL).
Construction spending for October is coming at 10 a.m., while
automobile sales for November are the only other piece of data on
the calendar. Bigger data come at the week's end with jobless
data.
Commodities volatile: Oil and precious metals were giving up
gains earned in the prior session. After a 4%-plus rebound for oil
prices on Monday January crude prices(CLF5) were down 1%. Opinion:
OPEC cannot outlast the U.S. on oil prices
Gold prices also gave back some of Monday's rally, with February
futures(GCG5) off 1.6% and the precious metal slipping just under
$1,200 an ounce again. What silver's biggest move in two years
means
Investment banks continued to roll out their predictions for
2015. Citigroup is forecasting the S&P 500 will return 8.5% by
the end of 2015, for a level of 2,200, and sees outperformance for
Japan and emerging-market stocks. That prediction is in line with
that of Dan Greenhaus, strategist at BTIG, who said the main reason
for his own muted expectations is the fact that the first hike by
the Federal Reserve -- expected next year -- will be taken badly by
stocks. Fed to stay aggressive in 2015 as it battles
'lowflation'
Stocks in focus:General Motors Co.(GM.XX) and Ford Motor Co.(F)
are due to release sales figures for November. GM is expected to
report that sales edged up 0.6% to 213,418 units last month from a
year earlier, according to Edmunds.com. Ford is likely to see its
sales down 1.4% to 186,984 units.
Shares of Cypress Semiconductor Corp.(CY) and Spansion
Inc.(CODE) could be active after the companies announced a $4
billion stock merger late Monday. See Movers
Shares of Royal Caribbean Cruises Ltd.(RCL) were rising in
premarket after being added to the S&P 500.
Overseas markets: The FTSE 100 index was eyeing its first win in
four days as oil and mining stocks rose, and energy stocks were
also driving gains for Europe , and rally action was also seen
across Asia .
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