NEW YORK (CBS.MW) -- U.S. stocks are set to open on a down note Tuesday following two days of spectacular upside that came after five days of unrelenting selling pressure.
March S&P 500 futures dropped 4.10 points, or 0.4 percent, and were trading 6.10 points below fair value, according to HL Camp & Co. And Nasdaq futures declined 15.00 points, or 1.0 percent and were trading 22.40 points under fair value.
In shares trading before the opening bell, Canada's Nortel Networks stumbled to around $6.50, down 34 cents from Monday's close.
The company (NYSE: NT - news) told investors ahead of its investor conference Tuesday that revenue for the first quarter is expected to come in 10 percent below fourth-quarter levels and that it expects to return to profitability in the fourth quarter of 2002. The outlook was in line with Wall Street's expectations.
Further, the fiber-optic equipment behemoth said gradual revenue growth should commence in the second quarter, with Wall Street analysts currently forecasting a sequential increase of 5 percent in the period. Late Monday, meanwhile, Nortel said its chief financial officer, Terry Hungle, resigned amid questions concerning the company's 401(k) plan. CEO Frank Dunn will handle CFO duties until a new one is named.
Mundane trading for bonds
Government bonds traded close to the unchanged mark in early action after a day of losses Monday that came as stocks mounted another powerful rally.
The 10-year Treasury note edged up 1/32 to yield 4.91 percent while the 30-year government bond erased 2/32 to yield 5.405 percent.
No economic news is set for release Tuesday. The week's kingpin -- the January retail sales report -- will hit the tape on Wednesday.
In the currency sector, the dollar edged up 0.2 percent to 133.63 yen while the euro erased 0.1 percent to 87.54 cents.
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