5 Things You Should Know Before the Stock Market Opens
NEW YORK (TheStreet) -- U.S. stock futures were pointing to a mixed open for Wall Street on Tuesday as enthusiasm for a bailout plan for Spain's banks turned to worry over the country's rising debt load.
European stocks were higher, but Asian stocks declined Tuesday, taking their cue from U.S. losses on Monday. Japan's Nikkei 225 index fell 1% to close at 8,536.72.
U.S. stocks on Monday shed more than 1% on skepticism over Spain's $125 billion bank bailout request. The Dow Jones Industrial Average fell 143 points, or 1.1%, to close at 12,411.
The economic calendar Tuesday in the U.S. includes export and import prices for May at 8:30 a.m. EDT, and the Treasury Department's budget report for last month at 2 p.m.
Some top JPMorgan Chase(JPM) executives and directors were alerted to risky practices by a team of London-based traders two years before that group's botched bets cost the bank more than $2 billion, The Wall Street Journal reported, citing people familiar with the situation.
Interviews with current and former members of the bank's Chief Investment Office, the unit responsible for the losses, indicate that discussions about reining in London traders started as early as 2010, the Journal said. Certain directors were briefed then on a foreign-exchange-options bet that went bad, and were told that the trader responsible wouldn't be allowed to go overboard in the future, one of the people told the newspaper.
Chipmaker Texas Instruments(TXN) raised the low end of its second-quarter revenue and earnings estimates.
Texas Instruments, the silicon specialist, forecast revenue of between $3.28 billion and $3.42 billion, compared with prior guidance of $3.22 billion to $3.48 billion. Analysts are expecting sales of $3.35 billion.
The company said it now expects earnings of between 32 cents and 36 cents a share compared with a previous estimate of 30 cents to 38 cents. Analysts expect 41 cents a share.
General Motors (GM) holds its annual meeting on Tuesday at the automaker's headquarters in downtown Detroit.