* Home Depot, Best Buy shares rise after results
* U.S. 10-yr yield ticks lower, world shares hit six-week
* Futures up: Dow 8 pts, S&P 2 pts, Nasdaq 6 pts
By Rodrigo Campos
NEW YORK, Aug 20 Wall Street was set to rise
slightly at the open on Tuesday after stocks' longest losing
streak this year as major retailers reported positive profits
A gauge of global equity markets hit its
lowest level in six weeks, tracking the S&P 500 index's Monday
close, as unease about an expected cut in U.S. stimulus and
rising bond yields left investors on edge.
Equity trading has been linked to U.S. Treasuries, with
higher yields pressuring stocks. The yield on the benchmark
10-year note dipped to 2.83 percent after hitting 2.9 percent on
"This has been a technical pullback (in stocks), and with
the 10-year yield near 3 percent we are pretty close to
reversing it," said Peter Cardillo, chief market economist at
Rockwell Global Capital in New York, pointing to what he called
a buying opportunity on U.S. equities, which fell for four
Home Depot, Best Buy and J.C. Penney lead a string of
retailers posting results, and their shares all rose in
premarket trading. Consumer-focused shares had recently been
battered as many retailers failed to impress on sales.
Cardillo said better results in some of the retailers could
be behind the uptick in equity futures on Tuesday, but the
market continues to be weak short-term after closing below 1,650
"The technical outlook worsened and we could still test
1,635/1,645" on the S&P 500, he said.
The S&P closed lower on Monday at 1,646.06, below its 50-day
moving average for a second straight day and at its lowest since
S&P 500 futures rose 2 points and were above fair
value. Dow Jones industrial average futures rose 8
points, and Nasdaq 100 futures added 6 points.
Home Depot shares gained 3 percent in premarket
trading after the world's largest home improvement chain raised
its yearly outlook after posting a profit beat.
Shares of Best Buy rallied 11.8 percent in premarket
trading after the world's largest consumer electronics chain
reported a higher quarterly profit.
Urban Outfitters shares gained 9 percent before the
open a day after the apparel retailer's quarterly profit beat
J.C. Penney shares gained 4.4 percent in premarket
trading after sales continued to fall sharply last quarter but
the troubled retailer said the back-to-school season has so far
Barnes & Noble shares tumbled 12.5 percent in
premarket trading after the book retailer reported a deeper
quarterly loss and its founder pulled the plug on his plan to
buy its stores.
China-based Trina Solar reported a smaller quarterly
loss as it shipped more solar panels to newer markets such as
Japan, China and India, and its shares rose 5.2 percent