Stock futures indicate some stability for the broader market is likely at today's bell. Consolidation would follow the worst one-day performance for the major averages in about two months.
Housing data are likely to be a market driver Tuesday. Both the May existing-home sales report and April FHFA house price data are due for release at 10 a.m. ET. The World Bank's downgrade to its global GDP estimate was a chief contributor to Monday's stock slide.
Wall Street will also keep tabs on an auction of government debt and implications for borrowing rates. Treasury will auction $40 billion in two-year notes.
Crude hit a fresh three-week low in electronic trading before rebounding some in recent action. At last check, August futures are up $0.16 at $67.66 a barrel. Oil was trading at an eight-month high above $73 earlier this month.
Winners and Losers
Major market ETFs, including the SPY, DIA, UYG and others, are modestly firmer as the broader stock market looks to lick its wounds after a pounding on Monday. The PowerShares QQQ (QQQQ), which tracks the technology-studded Nasdaq Composite, is up 0.5%.
Technology Select Sector SPDR (XLK) is flat. In tech sector news: Nokia (NOK) is atop the volume leaderboard in pre-market trade after Credit Suisse reportedly raised its price target on the stock to 14 euros from 12 euros.
Oracle (ORCL) is due with its Q4 results after the close tonight, and analysts polled by Thomson Reuters expect the company to report a profit of $0.44 per share on revenue of $6.47 billion.
Rambus (RMBS) continues to be an extended-hours decliner after updated guidance. RMBS said last night that it expects Q2 revs in the range of $26.7 to $27.2 mln, straddling the single analyst estimate on Thomson Reuters. Rambus initially provided revenue guidance for the quarter in the range of between $27 million and $30 million.
Financial stocks and funds are mostly firmer this morning. Select Financial Sector SPDRS (XLF) is up 1.1%. The Direxion Financial Bull 3X fund (FAS) is up 3%; its bearish counterpart (FAZ) is down 2.9%.
A move by Moody's noting that the U.S. government is not in danger of losing its top rating is buoying financial shares. Also, Goldman Sachs (GS) is higher after FBR Capital reportedly boosted its price target on the stock to $160 per share from $140 per share.
Commodities -
The United States Oil Fund (USO) is up 1.8%, rebounding from earlier declines. Oil Service HOLDRS (OIH) is up 1.1% after falling 6.6% Monday. Market Vectors Gold Miners (GDX) rebounds to gain 1.4% at last check, after falling 6.7% Monday. Crude hit a fresh three-week low in electronic trading before rebounding some in recent action. At last check, August futures are up $0.16 at $67.66 a barrel.
