Stocks drift in summer slowdown
Updated On: Aug 06 2013 08:50:52 AM CDT
Summer lethargy seems to have settled over Wall Street after a record-breaking run.
U.S. stock futures were drifting slightly higher Tuesday, coming off the back of an uneventful session Monday.
The main U.S. indexes have all rallied by 19% to 22% so far this year and now investors are taking a breather.
"It seems that we've now reached a post-nonfarm payrolls and summer-induced lull, if volumes across a number of markets are anything to go by," wrote Deutsche Bank analyst Jim Reid, in a client note. "The absence of any major headlines in the last 48 hours and the slow run-off of the U.S./European reporting calendar have also added to the temporary pause we're experiencing."
The vast majority of large U.S.-traded companies have already reported quarterly results, but a few more are trickling in.
Shares of Molson Coors Brewing rose in premarket trading after the brewer reported strong earnings and sales, helped by a 20% jump in beer volume.
Fossil stock also rallied on strong earnings.
And shares of Michael Kors rose sharply after the luxury retailer reported sales and earnings that blew past expectations.
DISH Network reported a net quarterly loss related to an acquisition of two of its satellites.
Disney is due after the close.
In economic news, the U.S. Census Bureau will publish its report on the country's June trade balance at 8:30 a.m. ET.
In other corporate news, shares of The Washington Post slipped after Amazon.com founder Jeff Bezos said he was buying the company's world-renowned newspaper business. Bezos is buying the company's flagship paper -- The Washington Post -- and other print properties for $250 million.
European markets were anemic. Asian indexes closed mixed.
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