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Market Update : 
Yahoo and Apple Lead Tech Stocks Up
Author: Elena Todorova
123jump.com
Last Update: 12:09 PM EDT September 04 2007

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U.S. stocks rebounded Tuesday, as a slowdown in manufacturing growth and construction spending boosted investor optimism that the Fed Resrve will cut its key federal funds rate in two weeks. The ISM reported that the manufacturing sector expanded at a slower pace. The ISM index fell to 52.9% in August from 53.8% in July. In another report, the Commerce Department said construction spending fell in July by 0.4%, the largest amount in six months.

 
In early trading, the Dow Jones industrial average fell 20.65, or 0.15%, to 13,337.09. The Standard & Poor''s 500 index was down 0.21, or 0.01%, at 1,473.78, and the Nasdaq composite index was up 6.08, or 0.23%, at 2,602.44. Bonds were little changed. The yield on the 10-year Treasury note was at 4.53%, the same as late Friday.


09:00AM U.S. stock futures indicated a lower opening ahead of economic data.

U.S. stock futures were pointing slightly lower on Tuesday after the long-weekend holiday, with investors awaiting economic reports including data on monthly auto sales. Automakers are expected to release the weakest sales in August since a strike at General Motors about ten years ago.

The Institute of Supply Management is also due to release its manufacturing survey, which is expected to be above the 50% level that indicates economic growth. Merrill Lynch slashed its earnings estimates on 12 stocks, due to a potential possibility of a 65% U.S. recession.

The broker cut its rating on FTI Consulting (FCN: chart) to sell from neutral, Heidrick & Struggles (HSII: chart) to sell from buy, Korn Ferry (KFI: chart) to neutral from sell and Manpower (MAN: chart) to neutral from buy. Merrill Lynch also upgraded Iron Mountain (IRM: chart) to buy from neutral.

Among other stocks driven by analyst comments, Intel (INTC: chart) edged up 0.4% after Banc of America Securities lifted its price target to $31 from $29, boosted by a strong demand for notebook computers. S&P 500 futures fell 3.6 points at 1,473.10 and Nasdaq 100 futures declined 3.75 points at 1,991.00. Dow industrial futures fell 17 points.
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