Major indexes down five straight sessions, with investors awaiting existing home sales.
U.S. stocks take a five-session losing streak into trading on Wednesday, when a report on the housing market and new testimony from Alan Greenspan will help give some guidance on the economy.
At 5:45 a.m. ET, futures pointed to a higher start for the major indexes.
The strength of the housing market will be demonstrated by the National Association of Realtors' report on January existing home sales. Economists surveyed by Briefing.com expect the annual sales rate to have declined to 6.27 million from 6.47 million in December.
Fed Chairman Greenspan is scheduled to discuss the economic outlook and fiscal issues in testimony before the House Budget Committee. His appearance comes two weeks after his annual monetary policy before committees of both houses of Congress, when he painted a generally positive picture. But it also comes less than a week after remarks describing a "palpable unease" about the job picture and the need for better education to help American workers.
The Dow Jones industrial average is down five sessions in a row for the first time in more than a year after a drop of 0.4 percent Tuesday. The Nasdaq composite index was down just 0.1 percent, but that continued a slide that has seen the tech barometer drop for the past five weeks .
Asian-Pacific stocks ended mixed Wednesday, with Tokyo's Nikkei index scratching out a 0.1 percent gain. European markets were little changed in morning trading. (Check the latest on world markets)
Among U.S. stocks trading in Europe, Time Warner (TWX: Research, Estimates) was down nearly 1 percent. The media company, parent of CNN/Money, is being sued by Pennsylvania for allegedly misleading investors about its financial condition; the company declined comment.
Treasury prices gained ground Wednesday, sending the 10-year note yield down to 4 percent from 4.02 percent late Tuesday. The dollar recaptured some lost ground against the yen and euro.
Brent oil futures rose 18 cents to $30.99 a barrel in London. Gold edged higher.
U.S. stocks take a five-session losing streak into trading on Wednesday, when a report on the housing market and new testimony from Alan Greenspan will help give some guidance on the economy.
At 5:45 a.m. ET, futures pointed to a higher start for the major indexes.
The strength of the housing market will be demonstrated by the National Association of Realtors' report on January existing home sales. Economists surveyed by Briefing.com expect the annual sales rate to have declined to 6.27 million from 6.47 million in December.
Fed Chairman Greenspan is scheduled to discuss the economic outlook and fiscal issues in testimony before the House Budget Committee. His appearance comes two weeks after his annual monetary policy before committees of both houses of Congress, when he painted a generally positive picture. But it also comes less than a week after remarks describing a "palpable unease" about the job picture and the need for better education to help American workers.
The Dow Jones industrial average is down five sessions in a row for the first time in more than a year after a drop of 0.4 percent Tuesday. The Nasdaq composite index was down just 0.1 percent, but that continued a slide that has seen the tech barometer drop for the past five weeks .
Asian-Pacific stocks ended mixed Wednesday, with Tokyo's Nikkei index scratching out a 0.1 percent gain. European markets were little changed in morning trading. (Check the latest on world markets)
Among U.S. stocks trading in Europe, Time Warner (TWX: Research, Estimates) was down nearly 1 percent. The media company, parent of CNN/Money, is being sued by Pennsylvania for allegedly misleading investors about its financial condition; the company declined comment.
Treasury prices gained ground Wednesday, sending the 10-year note yield down to 4 percent from 4.02 percent late Tuesday. The dollar recaptured some lost ground against the yen and euro.
Brent oil futures rose 18 cents to $30.99 a barrel in London. Gold edged higher.
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