Investors will be bombarded with earnings Tuesday as they try to decide whether Monday was the beginning of a turn-around, or just a bump on the long road to correction. Asian and European markets were mixed, and the Dow is set to open slightly lower.
The steady line-up of big names reporting quarterly results Tuesday may keep techs from pondering broader market phenomena for too long. Companies set to report include America Online (NYSE: AOL), EMC Corp (NYSE: EMC), IBM (NYSE: IBM), Inktomi (Nasdaq: INKT), Intel (Nasdaq: INTC), Sprint (NYSE: FON), Parametric (Nasdaq: PMTC), Qualcomm (Nasdaq: QCOM) and Tellabs (Nasdaq: TLAB).
On the IPO front, DigitalWork.com and Inventa Technologies had yet to price; Lehman Brothers, the companies' underwriter said both were on a "day to day" basis, and could still be postponed due to market conditions. OneSoft (Nasdaq: ONSF), which bravely upped its range, is set to price after Tuesday's bell for Wednesday trading.
Expect the following technology stocks to be among Tuesday's most actively traded issues, DoubleClick, Go2Net, Lattice Semi, Texas Instruments and Vitesse.
Naysayers predicting the worst for U.S. stocks were scratching their heads Monday as investors aggressively snapped up beaten down technology stocks in a broad-based rally. For the day, the Nasdaq closed up 218 points, or 6.5 percent, to 3,538.97. The Dow Jones industrial average moved up an impressive 277 points to 10,582.51,
At the Bell
The Dow Jones industrial average may open about 27 points lower. The Standard & Poor's 500 index for June futures contracts was down 3.6 points to 1409 at 7:44 a.m. EST in 24-hour electronic trading.
The Inter@ctive Week @Net Index was up 33 to 468.82.
Trading in Asia was mixed. The Nikkei 225 fell 0.21 percent to 18,969, Singapore's Strait Times index gained 0.39 percent to 2,007 and Hong Kong's Hang Seng was up 3.50 percent to 15,278.
European markets were also moving in different directions. London's FTSE 100 lost 0.12 percent to 5,987. The CAC 40 in Paris slipped 0.29 percent to 6,042 and the Xetra DAX in Frankfurt was down 0.40 percent to 7,158 at 7:11 a.m. EST.
Reuters contributed to this report.