Good earnings may put the wind in techs' sails Tuesday as they glide on news of the dollar's revival. Asia sprang up, Europe retreated, and the Dow is set to open slightly lower.
In Asia Tuesday, a strengthening dollar rose 0.50 Japanese yen to 106.25, cheering investors and boosting the Nikkei in Tokyo up 3 percent.
The tide of great earnings pouring in late Monday included Internet venture capital firm CMGI Inc. (Nasdaq: CMGI), which recorded fourth-quarter earnings well ahead of estimates on rocketing revenue. Net2Phone Inc. (Nasdaq: NTOP) and Micron Electronics Inc. (Nasdaq: MUEI) should also move up after surpassing analysts expectations.
A handful of IPOs are on deck to trade Tuesday, with Foundry Networks expected to make big gains. Foundry priced 5 million shares at a whopping $25 each, above its anticipated range of $22 to $24 per share.
Some economic news is also slated for release; September consumer confidence figures are expected to rise to 136.3, after having dipped slightly to 135.8 in August.
Expect the following technology stocks to be among Monday's most actively traded issues: CMGI Inc. (Nasdaq: CMGI), Foundry Networks Inc. (Proposed ticker: FDRY), Peapod Inc. (Nasdaq: PPOD), Micron Electronics Inc. (Nasdaq: MUEI) and Net2Phone Inc. (Nasdaq: NTOP).
After jumping out to some impressive gains in early trading, U.S. stocks pulled back a bit Monday afternoon as the Dow Jones industrial average closed up 24 points to 10,303.39 while the Nasdaq rose 21 points to 2,761.73.
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 1293 at 7:32 a.m. EST in 24-hour electronic trading.
The Inter@ctive Week @Net Index rose 3 to 317.46.
Trading in Asia was bounding up. The Nikkei 225 gained 3.00 percent to 17,325, Singapore's Strait Times index gained 1.71 percent to 2,024 and Hong Kong's Hang Seng rose 0.66 percent to 12,844.
European markets were moving down. London's FTSE 100 sank 0.11 percent to 6,072. The CAC 40 in Paris lost 0.38 percent to 4,579 and the Xetra DAX in Frankfurt lost 0.93 percent to 5,192 at 7:10 a.m. EST.
Reuters contributed to this report.