Another onslaught of tech warnings, along with the prospect of a Supreme Court settlement of the U.S. Presidential election, should hold Wall Street's attention on Tuesday. The major Asian markets were mixed while and European markets fell. The Dow is set to open lower.
The slowdown in the PC market claimed more victims as Advanced Micro Devices (NYSE: AMD), Dallas Semiconductor (NYSE: DS) and Microchip Technology (Nasdaq: MCHP) joined the warnings parade. After market close Monday, the chipmakers all said that they would miss revenue and sales estimates for their upcoming quarters.
The latest batch of warnings follows on the heels of lowered guidance from chip giant Intel Corp. (Nasdaq: INTC) and PC makers Gateway (NYSE: GTW) and Apple (Nasdaq: AAPL), among others.
On the Presidential election front, the U.S. Supreme Court may finally settle the ongoing contest. Gore seeks the resumption of suspended hand recounts of Florida votes in what is seen as his last shot at the White House.
Expect the following technology stocks to be among Tuesday's most actively traded issues: Advanced Micro Devices (NYSE: AMD), Dallas Semiconductor (NYSE: DS), DoubleClick (Nasdaq: DCLK), Microchip Technology (Nasdaq: MCHP).
The Nasdaq gained ground Monday, up 97.67 to 3,015.10. The Dow Jones industrial average inched up 12.89 to 10,725.80.
At the Bell
The Dow Jones industrial average is expected to open down 31 points. The Standard & Poor's 500 index for December futures fell 4.10 to 1398.90 at 7:22 a.m. EST in 24-hour electronic trading.
The Inter@ctive Week @Net Index rose 8 to 381.45.
The major Asian markets were mixed. The Nikkei 225 gained ground, up 98.94 to 15,114.64. Hong Kong's Hang Seng fell 78.94 to 15,329.60 and Singapore's Strait Times lost 20.58 to 1,983.71.
European markets were all down. London's FTSE 100 was down 21.20 to 6,349.10, the CAC 40 in Paris dropped 32.64 to 6,045.24 and the DAX in Frankfurt was off 7.16 to 6,775.36 at 7:15 a.m. EST.
Reuters contributed to this report.