Techs will take the stage hesitantly Wednesday, as they await a tidbit of economic news and prepare a batch of IPOs sure to pale in comparison to yesterday's dazzling performance of Foundry Networks. Asia and Europe moved up, and the Dow is set to open slightly lower.
Several IPOs will take off in the shadow of Foundry Networks' towering success. The maker of networking products for enterprises and ISPs shot up 525 percent to close at 156 1/4 in its debut Tuesday. Calico (Nasdaq: CLIC), Shopnow.com (Nasdaq: SPNW), Netsolve (Nasdaq: NTSL), and FTD.com (Nasdaq: EFTD) are priced for trading Wednesday.
On the economic front, the Commerce Department will release data on August durable goods orders. The index, which shows demand for big-ticket items such as cars and refrigerators, is expected to fall 0.9 percent.
Expect the following technology stocks to be among Wednesday's most actively traded issues: America Online Inc. (NYSE: AOL), Apple Inc. (Nasdaq: AAPL), Global Crossing Ltd. (Nasdaq: GBLX), Network Solutions Inc. (Nasdaq: NSOL), USWeb Corp. (Nasdaq: USWB) and VTEL Corp. (Nasdaq: VTEL).
Internet stocks and initial public offerings made all the noise Tuesday as the Dow Jones industrial average fell 28 points to 10,275.53 after being off more than 200 points in early trading. The Nasdaq shaved off 5 points to end at 2,756.26.
At the Bell
The Dow Jones industrial average may open about 29 points lower. The Standard & Poor's 500 index for June futures contracts was down 3.6 points to 1290 at 7:32 a.m. EST in 24-hour electronic trading.
The Inter@ctive Week @Net Index rose 5 to 322.35.
Trading in Asia was on a downswing. The Nikkei 225 fell 0.25 percent to 17,282, Singapore's Strait Times index lost 0.34 percent to 2,017 and Hong Kong's Hang Seng shed 0.08 percent to 12,835.
European markets were also in the red. London's FTSE 100 rose 0.33 percent to 5,988. The CAC 40 in Paris fell back 0.75 percent to 4,5610 and the Xetra DAX in Frankfurt was down 0.65 percent to 5,086 at 7:15 a.m. EST.
Reuters contributed to this report.