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Tech Industry

MARKET PREVIEW: Techs restrained before Fed meeting

Techs aren't likely to do anything drastic Monday, as investors are on edge ahead of Tuesday's Federal reserve meeting. Asian markets were mixed, Europe moved up, and the Dow is set to open slightly higher.


Though the Federal Reserve is expected to raise rates at least one-quarter of a percentage point when it meets Tuesday, investors will be hesitant ahead of the meeting as they gauge whether or not the markets have already priced that move in. Wall Street will also look for hints about future Fed moves.

On the earnings front, 3Com (Nasdaq: COMS) will report its third quarter results, and first-quarter earnings are due from Corel (Nasdaq: CORL). Micron Electronics (Nasdaq: MUEI) also reports.

Expect the following technology stocks to be among Monday's most actively traded issues: Digimarc, IBM and NeoMagic.

Wall Street closed out another wild week on a comparatively tame note Friday with the Dow Jones industrial average shaving off 35 points to 10,595.23. The Nasdaq composite closed up 81 points to end at 4,798.06.

At the Bell

The Dow Jones industrial average may open about 3.5 points higher. The Standard & Poor's 500 index for June futures contracts was up 0.5 points to 1489 at 7:29 a.m. EST in 24-hour electronic trading.

The Inter@ctive Week @Net Index was up 16 to 654.93.


Trading in Asia was mixed. The Nikkei 225 rose 1.63 percent to 19,566, Singapore's Strait Times index slipped 0.83 percent to 2,077 and Hong Kong's Hang Seng was up 0.89 percent to 17,234.


European markets were moving up. London's FTSE 100 rose 0.92 percent to 6,618. The CAC 40 in Paris gained 1.28 percent to 6,385 and the Xetra DAX in Frankfurt was up 1.09 percent to 7,795 at 7:11 a.m. EST.

Reuters contributed to this report.