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Stock Market Update - Tue Aug 14 08:00:01 EDT 2007

Tue Aug 14, 2007 8:00am EDT

 [BRIEFING.COM] S&P futures vs fair value: -1.5. Nasdaq futures vs fair value: -2.8.  Early indications are pointing to a slightly lower open for the cash market. As evidenced by the sharp reversal in S&P 500 futures around 6:30 ET, Wal-Mart (WMT) missing expectations and cutting it full-year profit outlook is acting as the biggest overhang this morning.

Fellow Dow component Home Depot (HD) beat forecasts; but a 15% decline in Q2 profits, uncertainty regarding the sale of its supply business and management reiterating a 15-18% drop in its full-year earnings guidance is hardly acting as an offset to Wal-Mart's disappointment.

Investors are also showing some reserve given the Fed's repeatedly hawkish stance and the fact that the latest read on inflation at the wholesale level will hit the wires at 8:30 ET. Economists are expecting just a 0.1% jump in total PPI and another 0.2% increase in the core component.

NYSE Adv/Dec NA/NA...Nasdaq Adv/Dec NA/NA


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