Tuesday March 25, 09:51 AM
WALL STREET OUTLOOK Lower open seen after strong run-up; confidence data awaited
LONDON (Thomson Financial) - Wall Street is looking at a lower open Tuesday as investors pause for a breath after yesterday's strong run-up, with a report on consumer confidence likely to supply the early focus for the market.
According to spread bettors IG Index, the Dow Jones Industrial Average is expected to open down around 19 points at 12,530. Separately, S&P 500 futures were off 2.20 points at 1,349.40 while Nasdaq 100 (NASDAQ: news) futures dropped 2.50 points to 1,816.75.
Yesterday stocks ended sharply higher on an improved buyout offer from JP Morgan for beleaguered investment bank Bear Stearns (NYSE: BSC - news) , with a stronger-than-expected housing report underpinning gains.
The Conference Board's index of consumer confidence is expected to show a further decline in March, with Thomson (Paris: FR0000184533 - news) 's IFR Markets attributing the fall to rising oil and gas prices.
A reading of 73 is forecast by IFR, down from 75 in the prior month.
Valero Energy Corp is likely to move lower after the largest oil refiner in the U.S. offered up first quarter guidance well below Wall Street estimates, with analysts mixed on whether the company will see a recovery later in the year.
Crude futures were trading lower amid ongoing fears a global economic slowdown led by the U.S. will dampen demand.
New York light sweet crude for May delivery was last down 67 cents at $100.19 a barrel.
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