* ISM Services data due
* Michael Kors climbs after earnings
* GT Advanced jumps on deal with Apple
* Futures off: Dow 63 pts, S&P 6.7 pts, Nasdaq 11.5 pts
By Chuck Mikolajczak
NEW YORK, Nov 5 U.S. stocks were poised for a
lower open on Tuesday ahead of data on the services sector,
putting the S&P 500 on pace to halt a two-day streak of gains.
The Institute for Supply Management will release its October
non-manufacturing index at 10:00 a.m. ET (1500 GMT). Economists
in a Reuters survey forecast a reading of 54.0 versus 54.4 in
Data will be closely eyed this week to gauge the strength of
the economy; these include readings on gross domestic product
and payrolls that were delayed by a partial government shutdown
"For the market to continue along you actually need a
combination of moderate news," said Rick Meckler, president of
investment firm LibertyView Capital Management in Jersey City,
"Really good news, economically has been a cause for
concerns over higher interest rates, really weak news is going
to cause concerns over earnings, so the market is going to be
looking for these wishy-washy numbers alternating for the next
couple of months."
The Federal Reserve has indicated it will not begin to pare
its bond-buying program of $85 billion in long-term assets per
month until the economy shows signs of improvement, a mantra
supported by three central bankers on Monday.
The S&P 500 is up 24 percent for the year and the Dow
is up 19.3 percent, putting both indexes on track for
their best yearly performances since 2003, largely driven by the
stimulus measures of the Fed.
S&P 500 futures fell 6.7 points and were below fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures lost 63
points and Nasdaq 100 futures shed 11.5 points.
Michael Kors Holdings Ltd gained 4.2 percent to
$77.88 in premarket after the luxury apparel retailer reported a
better-than- expected 40 percent jump in quarterly revenue.
GT Advanced Technologies jumped 25.1 percent to
$10.48 in premarket trading after the company said Apple Inc
will open a manufacturing facility in Arizona in
partnership with the mineral crystal specialist to make sapphire
materials for Apple's electronic devices.
CVS Caremark Corp gained 1.8 percent to $63.12 in
premarket trade after the drugstore operator and pharmacy
benefits manager posted a higher-than-expected quarterly profit
and raised its forecast for the year.
Mosaic Co lost 1.9 percent to $45.85 in premarket
after the fertilizer company reported sharply lower
Leapfrog Enterprises Inc slid 10.3 percent to $7.78
before the opening bell after the toy company cut its full-year
With 75 percent of S&P 500 companies having reported results
through Monday morning, 69 percent have topped Wall Street's
expectations, above the long-term average of 63 percent. Just 53
percent have topped revenue forecasts, below the 61 percent
average since 2002, Thomson Reuters data showed.