Stocks appeared set to open lower, after the markets closed above key psychological levels for some of the major indices. Monday’s rally pushed the S&P 500 index above the 1,000 level for the first time since last November, and the tech-heavy NASDAQ index closed above 2,000.
There are several economic reports of significance out today. A report on personal income and spending for June showed U.S. consumer spending rose slightly even as incomes saw their biggest drop in over four years. Spending rose 0.4% after a revised 0.1% increase in May, previously reported as a 0.3% rise. Personal income declined 1.3% in June, while expectations were for a 1.0% decline.
At 10:00 am ET, we will get Pending Home Sales numbers for June, with the consensus forecast looking for a 0.6% rise.
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