NEW YORK —
Stocks look ready to drop at the opening of trading on Tuesday with oil prices hovering near 30-month highs, a rate hike in China and new developments in Europe's debt crisis.
Stock markets are dipping around the world, after China's central bank raised a key lending rate and the rating agency Moody's lowered Portugal's credit rating. Crude oil prices are trading above $108 a barrel as unrest in the Middle East continues to raise doubts about future supplies.
In an otherwise light week for economic reports, the Institute for Supply Management will release its monthly survey of the U.S. service economy at 10 a.m. Eastern time. The ISM service index hit a five-year high in February. Economists expect the index grew at a slightly slower pace in March.
At midafternoon, the Federal Reserve will release the minutes from its March 15 meeting. The Fed's announcement after that meeting offered its most optimistic view of the U.S. economy since the recession ended. Fed policymakers said the recovery was on "firmer footing."
Apple's shares slipped 1.5 percent in pre-market trading. Nasdaq OMX Group Inc. on Tuesday announced a rebalancing of the Nasdaq-100 Index next month that will cut Apple's weighting in the index from 20 percent to 12 percent. That will likely force money managers to reduce their holding to reflect the new index.
KB Home dropped 7 percent in pre-market trading. The homebuilder reported a first-quarter loss of $1.49 a share. Analysts expected a loss of 25 cents a share.
National Semiconductor jumped 72 percent Texas Instruments Inc. said late Monday that it had agreed to buy the chip maker for $6.5 billion, or $25 a share.
Ahead of the opening, Dow Jones industrial futures are down 26, or 0.2 percent, at 12,311. S&P 500 index futures are down 5, or 0.4 percent, at 1,324. Nasdaq 100 futures are down 16, or 0.7 percent, at 2,324.
Major stock indexed made slight gains on Monday. The Dow Jones industrial average reached its highest closing price since June 5, 2008. Materials companies followed commodity prices higher. Futures contracts for corn, wheat, and sugar all rose more than 2 percent.
Stocks look ready to drop at the opening of trading on Tuesday with oil prices hovering near 30-month highs, a rate hike in China and new developments in Europe's debt crisis.
Stock markets are dipping around the world, after China's central bank raised a key lending rate and the rating agency Moody's lowered Portugal's credit rating. Crude oil prices are trading above $108 a barrel as unrest in the Middle East continues to raise doubts about future supplies.
In an otherwise light week for economic reports, the Institute for Supply Management will release its monthly survey of the U.S. service economy at 10 a.m. Eastern time. The ISM service index hit a five-year high in February. Economists expect the index grew at a slightly slower pace in March.
At midafternoon, the Federal Reserve will release the minutes from its March 15 meeting. The Fed's announcement after that meeting offered its most optimistic view of the U.S. economy since the recession ended. Fed policymakers said the recovery was on "firmer footing."
Apple's shares slipped 1.5 percent in pre-market trading. Nasdaq OMX Group Inc. on Tuesday announced a rebalancing of the Nasdaq-100 Index next month that will cut Apple's weighting in the index from 20 percent to 12 percent. That will likely force money managers to reduce their holding to reflect the new index.
KB Home dropped 7 percent in pre-market trading. The homebuilder reported a first-quarter loss of $1.49 a share. Analysts expected a loss of 25 cents a share.
National Semiconductor jumped 72 percent Texas Instruments Inc. said late Monday that it had agreed to buy the chip maker for $6.5 billion, or $25 a share.
Ahead of the opening, Dow Jones industrial futures are down 26, or 0.2 percent, at 12,311. S&P 500 index futures are down 5, or 0.4 percent, at 1,324. Nasdaq 100 futures are down 16, or 0.7 percent, at 2,324.
Major stock indexed made slight gains on Monday. The Dow Jones industrial average reached its highest closing price since June 5, 2008. Materials companies followed commodity prices higher. Futures contracts for corn, wheat, and sugar all rose more than 2 percent.
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