(News Bulletin 247) – Wall Street is expected to be in the red on Tuesday at the start of the session after a series of mixed economic indicators and unsurprising corporate results, which somewhat dampened the enthusiasm of the day before.
Half an hour before the opening, the ‘futures’ contracts on the main New York indices fell from 0.1% to 0.2%, announcing a cautious opening.
The trend is hesitant because market participants were scalded early in the morning by the lackluster results published by some heavyweights.
Morgan Stanley notably unveiled a profit down 12% for the second quarter, but above consensus, resulting in particular from significant severance pay linked to layoffs.
Another banking heavyweight, Bank of America, earned a net profit of $7.4 billion in the second quarter, despite provisions for credit losses more than doubled to $1.1 billion.
On the front of the indicators, retail sales in the United States rose only 0.2% in June, less than expected, according to statistics published before the opening by the Commerce Department.
Excluding the automotive sector, US retail sales also rose 0.2% last month compared to May, when the market consensus was expecting a 0.5% increase.
Investors are now waiting for the latest figures for industrial production and then for business inventories.
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