MARKET PREVIEW: Nasdaq fights off new lows
U.S.
The uncertainty surrounding the U.S. Presidential election may become clearer as the Florida Supreme Court decides whether to include manually recounted ballots from certain counties in the final tally. The political cloud over the election, combined with a slew of analyst downgrades, pushed the Nasdaq well below the 3,000 mark Monday, finishing the session at 2,875.64.
Nortel Networks (NYSE: NT) should see some action as it reaffirmed its guidance for the fourth quarter after yesterday's close.
Network-equipment stocks were roughed up Monday after Morgan Stanley Dean Witter cut several stocks on fears of slowing demand. Juniper Networks (JNPR) tumbled $32.88 to $121.50. Redback Networks (RBAK) and Brocade Communications (BRCD) plunged $8 and $31.75 a share, respectively, and Cisco Systems (CSCO) closed off $1.50 to $51.25.
Expect the following technology stocks to be among Tuesday's most actively traded issues: Agilent Technologies (NYSE: A), Avnet (NYSE: AVT), Pumatech (Nasdaq: PUMA).
Both the Nasdaq and Dow Jones industrial averages closed with triple-digit losses Monday. The Nasdaq composite dropped 151.55 to 2,875.64. The Dow Jones industrial average ended the session off 167.22 to 10,462.65.
At the Bell
The Dow Jones industrial average is expected to open up 52 points. The Standard & Poor's 500 index for November futures contracts rose 6.7 to 1,353.70 at 7:19 a.m. EST in 24-hour electronic trading.
The Inter@ctive Week @Net Index fell 28 to 357.66.
Asia
Asian markets were all down. Singapore's Strait Times index shed 9.81 to 1,924.38. The Nikkei 225, off 123.19 to 14,408.46, and Hong Kong's Hang Seng, down 158.36 to 15,188.30, both posted triple-digit losses.
Europe
European markets were up. London's FTSE 100 rose 38.8 to 6,383.80 and the CAC 40 in Paris moved up 81.72 to 6,103.51. The DAX in Frankfurt gained 48.78 to 6,658.26 at 7:04 am EST.
Reuters contributed to this report.