Profit Taking May Weigh On Stocks Amid Another Quiet Day

(RTTNews) - The major U.S. index futures are pointing to a modestly lower opening on Tuesday following the lackluster performance seen in the previous session. Traders may look to do some profit taking after the Dow ended yesterday's trading at another new record closing high. Activity may be relatively subdued, however, as another quiet day on the economic front is likely to keep traders on the sidelines.

U.S. stocks went about in a lackluster manner on Monday before closing slightly higher amid a lack of any major domestic catalysts. After opening lower despite the release of some positive Chinese data, the major averages recovered in early trading. However, the averages moved back and forth in a narrow range for the remainder of the session before closing marginally higher.

The Dow Industrials closed 21.32 points or 0.14 percent higher at a new record closing high of 15,783 and the S&P 500 Index ended up 1.28 points or 0.07 percent at 1,772, while the Nasdaq Composite closed at 3,920, up 0.56 points or 0.01 percent.

Despite the Dow's advance, the breadth was tilted in favor of the decliners, with sixteen of the thirty Dow components closing lower and one stock ending unchanged, while the remaining thirteen stocks advanced. IBM (IBM) and Wal-Mart (WMT) were among the biggest gainers of the session.

Biotechnology and retail stocks advanced notably in the session.

Commodities, Currency Markets

Crude oil futures are slipping $0.29 to $94.85 a barrel after rising $0.54 to $95.14 a barrel on Monday. Gold futures are inching up $0.20 to $1,281.30 ounce. In the previous session, gold fell $3.50 to $1,281.10.

Among currencies, the U.S. dollar is trading at 99.67 yen compared to the 99.16 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.3442 compared to yesterday's $1.3407.

Asia

The major Asian markets closed mixed yet again, with the Hong Kong, Indian, Indonesian, New Zealand and Malaysian markets closing lower, while the Japanese, Australian, Chinese, Singaporean, South Korean and Taiwanese markets advanced.

The markets waited in anticipation of a 10-year reform plan due to be announced at the end of a 4-day Chinese Communist Party policy meeting.

Japan's Nikkei 225 average opened little changed but advanced in the morning before moving roughly sideways in the afternoon. The index rallied 318.84 points or 2.23 percent before closing at 14,589. Material, energy and consumer staple stocks gained ground, while financial stocks came under selling pressure.

The yen remained weak, providing an upward thrust to export stocks. A majority of stocks advanced, led by Marui Group, Chiba Bank, Tata Tatemono, Minebea, Dentsu, Nitto Boseki, KDDI and Mitsumi Electric.

Australia's All Ordinaries opened higher and rose sharply in early trading. Although the index gave back most of its gains by the mid-session, it held above the unchanged line for the rest of the session. The index closed up 6 points or 0.11 percent at 5,387.

Hong Kong's Hang Seng Index closed at 22,901, down 168.44 points or 0.73 percent, while China's Shanghai Composite Index ended up 17.30 points or 0.82 percent at 2,127.

On the economic front, the Japanese Ministry of Economy, Trade and Industry showed that an index measuring activity in the Japanese service sector fell 0.2 percent month-over-month, confounding expectations for a 0.2 percent increase.

According to a separate report released by Japan's Cabinet Office, consumer confidence in Japan unexpectedly deteriorated in October. The consumer confidence index fell to 41.2 in October from 45.4 in September.

The results of a survey by the National Australia Bank showed that business confidence in Australia waned in October. The business confidence index fell to 5 in October from 12 in September. At the same time, the business conditions index remained at a depressed level of -4.

Europe

European stocks opened lower but have seen some volatility since then. The major averages in the region are currently posting modest losses, as traders digest domestic earnings.

In corporate news, chipmaker Infineon Technologies (IFX) reported higher fourth quarter profits and revenues. The company also forecast higher revenues for 2014. France's Lagardere reported a 4.4 percent decline in its third quarter sales.

Fraport reported that passenger traffic at the Frankfort airport rose 3.5 percent in October. The U.K.'s Vodafone (VOD) reported an increase in its first half profits, helped by a taxation credit.

On the economic front, a report released by the Royal Institution of Chartered Surveyors showed that average house prices in the U.K. rose to the highest level since June 2002. The house price balance index climbed to 57 in October from 54 in September.

Consumer price inflation data from Germany showed that German consumer prices measured on a harmonized basis climbed 1.2 percent year-over-year in October, slower than the 1.6 percent increase in September. Economists expected a more modest 1.3 percent increase.

A separate report released by the German Federal Statistical Office showed that German wholesale prices fell 2.7 percent year-on-year in October following a 2.2 percent drop in September, marking the steepest decline since November 2009. The index was lower for the third straight month.

U.S. Economic Reports

Minneapolis Federal Reserve Bank President Narayana Kocherlakota is due to speak on monetary policy strategy in St. Paul at 1 pm ET.

Additionally, Atlanta Fed President Dennis Lockhart is due deliver a speech on the economic outlook in Montgomery, Alabama at 1:50 pm ET.

The Treasury Department is due to announce the results of its auction of three-year notes at 1 pm ET. Stocks in Focus

Hologic (HOLX) reported fourth quarter non-GAAP earnings of 39 cents per share on revenues of $622.1 million. The earnings exceeded estimates, while the revenues missed expectations. The company also announced that its board has approved a $250 million share repurchase program. For 2014, the company expects non-GAAP earnings of $1.32 to $1.38 per share on revenues of $2.425 billion to $2.475 billion. The guidance was weak.

Cray (CRAY) reported a third quarter non-GAAP loss of 15 cents per share on revenues of $54.4 million. The results trailed expectations. The company expects revenues of $520 million in 2013 and $600 million in 2014.

ViaSat (VSAT) reported second quarter non-GAAP earnings of 20 cents per share on revenues of $353.9 million. The results were ahead of expectations.

Sotheby's (BID) reported a third quarter net loss of 44 cents per share on revenues of $107.86 million. The results exceeded estimates. Updating its fourth quarter to date sales performance, the company said after 5 days and 16 auctions, it realized $538 million in auction sales, up 105 percent year-over-year.

QuickLogic (QUIK) announced an underwritten public offering, with the company intending to use the net proceeds from the offering for working capital and other general corporate purposes.

Nasdaq announced that Marriott International (MAR) will join the Nasdaq-100 Index before the start of trading on November 18th, 2013, replacing Randgold Resources (GOLD).

Plantronics (PLT) announced that its board has authorized an additional 1 million shares to be repurchased.

Health Management (HMA), MBIA (MBI), SINA (SINA) and YRC Worldwide (YRCW) are among the companies due to release their quarterly results after the close of trading.