(By Salman - iStockAnalyst Writer)US stock futures retreated on Tuesday after a government release showed that personal income unexpectedly declined 1.3% in June.
At 8:26 am ET, the
S&P 500 declined 6.80 points to 993.90. The
Dow Jones Industrial Average fell 49 points to 9199. The
Nasdaq Composite retreated 11.25 points to 1615.50.
A release by
Commerce Department showed that US consumer spending, which accounts for nearly two third of economy, rose 0.4% in June. Personal income declined 1.3% in June. Economists expected consumer spending to drop 1% and personal income to rise 0.3% in June.
Early on Tuesday,
Toyota Motor Corp. (NYSE:
) reported a smaller-than-expected group fiscal first quarter net loss of 77.8 billion yen ($818 million).
CVS Caremark (NYSE:
) said Tuesday that its second quarter net income rose to $886.5 million, or 60 cents per share, from $771.2 million, or 53 cents per share, a year ago. Excluding charges, the company earned 65 cents per share. Revenue increased to $24.87 billion from $21.14 billion a year ago.
U.S. homebuilder
D.R. Horton Inc (NYSE:
) reported a narrower third fiscal quarter net loss of $142.3 million, or 45 cents per diluted share, from $399.3 million, of $1.26 per share, in the comparable quarter last year.
Pulte Homes (NYSE:
) reported that its second-quarter net loss widened to $189.5 million, or 74 cents a share, compared to a net loss of $158.4 million, or 63 cents a share, in the same quarter a year ago. Revenue slumped 58% to $678.6 million.
Archer Daniels Midland Co. (NYSE:
) said Tuesday that its fiscal fourth-quarter profit tumbled 83% to $64 million, or 10 cents per share, from $372 million, or 58 cents per share, in the prior year period. Revenue dropped 24% to $16.53 billion from $21.78 billion.
On the economic front,
pending home sales data is due for release at 10:00 am ET.
US stocks finished up on Monday on upbeat manufacturing and construction spending data.
European stocks retreated in afternoon trade. At 13:14 pm London time, the UK FTSE slid 47.11 points or 1.01% to 4,635.35. The German DAX and French CAC decreased 1.01% and 0.82% respectively.
Asian stocks finished mixed. The Nikkei 225 rose 22.54 points or 0.22% to 10,375.01. The Hang Seng index of Hong Kong fell 10.83 points or 0.05% to 20,796.43.
NYMEX crude oil for September delivery climbed as much as $1.30 or 1.8% to $70.28 a barrel in electronic trading.
Disclosure: Author doesn’t own any of the stocks mentioned here.
