Forex Investment

The market looks set for a weak open on disappointing earnings and Bear Stearns’ hedge fund news. Nasdaq futures are 12.2 points below fair value, the S&P 500 is down 7.7 and the Dow down 51.6 points.

Overall and core consumer prices rose 0.2% in June. Core CPI rose 2.2% vs. a year earlier, still a little high for the Fed’s taste. Housing starts rose last month, but downward revisions and a big drop in building permits wipe out positive feelings.

The economic data didn’t have much impact on stock futures they were too busy paying attention to the flood of earnings.

Intel () last night beat profit forecasts but shares are trading down 5% on weak gross margins. The chip giant’s outlook was so-so and the company said it might cut capital spending. That could hurt chip-gear makers today after big gains on Tuesday.

Yahoo () also is trading notably lower in the pre-open. The Internet giant met lowered views for flat profit. But its outlook was weak. Google (), which reports on Thursday, traded down slightly.

Pfizer (), the world’s No. 1 drug maker, missed profit and sales views amid a showing for its Lipitor cholesterol fighter. So shares are expected to open lower.

United Technologies () edged past views and raised its 2007 profit guidance. But shares of the diversified manufacturer, which has surged in recent days, are trading slightly lower.

Bear Stearns () is trading lower after the Wall St. bank said that two hedge funds bet heavily on subprime debt are virtually worthless. Bear shares have been under pressure for several weeks since news of the funds woes became clear.

The hedge funds’ near collapse raises has added to broader financial market concerns about subprime woes and risk in general. Businesses are having trouble selling debt while banks are finding resistance as they try to set up loans for the private equity clients. Cheap, easy credit has fueled the buyout boom, and an end to that could chill the overall stock market rally.

However, deal talk continues to swirl around retail giant Macy’s (). Shares are shooting up on a report that Kohlberg Kravis Roberts and Goldman Sachs are mulling a $24 billion, $52-a-share bid.

Pharmaceutical Product Development () met Q2 profit views but warned for the 2nd half. Shares are pointed sharply lower.

American Standard (), which makes everything from air conditioners to kitchen fixtures, fell short of profit views. Shares, which had jumped to a new high on Tuesday, were trading lower.

Investors will pay close attention to Fed Chairman Ben Bernanke’s congressional testimony at 10 a.m. ET.

At 10:30 a.m., the gov’t releases U.S. oil inventory data with crude prices around $75 a barrel.

After the close, eBay () and IBM () report results.

The market looks set for a weak open on disappointing earnings and Bear Stearns’ hedge fund news. Nasdaq futures are 12.2 points below fair value, the S&P 500 is down 7.7 and the Dow down 51.6 points.

Overall and core consumer prices rose 0.2% in June. Core CPI rose 2.2% vs. a year earlier, still a little high for the Fed’s taste. Housing starts rose last month, but downward revisions and a big drop in building permits wipe out positive feelings.

The economic data didn’t have much impact on stock futures they were too busy paying attention to the flood of earnings.

Intel () last night beat profit forecasts but shares are trading down 5% on weak gross margins. The chip giant’s outlook was so-so and the company said it might cut capital spending. That could hurt chip-gear makers today after big gains on Tuesday.

Yahoo () also is trading notably lower in the pre-open. The Internet giant met lowered views for flat profit. But its outlook was weak. Google (), which reports on Thursday, traded down slightly.

Pfizer (), the world’s No. 1 drug maker, missed profit and sales views amid a showing for its Lipitor cholesterol fighter. So shares are expected to open lower.

United Technologies () edged past views and raised its 2007 profit guidance. But shares of the diversified manufacturer, which has surged in recent days, are trading slightly lower.

Bear Stearns () is trading lower after the Wall St. bank said that two hedge funds bet heavily on subprime debt are virtually worthless. Bear shares have been under pressure for several weeks since news of the funds woes became clear.

The hedge funds’ near collapse raises has added to broader financial market concerns about subprime woes and risk in general. Businesses are having trouble selling debt while banks are finding resistance as they try to set up loans for the private equity clients. Cheap, easy credit has fueled the buyout boom, and an end to that could chill the overall stock market rally.

However, deal talk continues to swirl around retail giant Macy’s (). Shares are shooting up on a report that Kohlberg Kravis Roberts and Goldman Sachs are mulling a $24 billion, $52-a-share bid.

Pharmaceutical Product Development () met Q2 profit views but warned for the 2nd half. Shares are pointed sharply lower.

American Standard (), which makes everything from air conditioners to kitchen fixtures, fell short of profit views. Shares, which had jumped to a new high on Tuesday, were trading lower.

Investors will pay close attention to Fed Chairman Ben Bernanke’s congressional testimony at 10 a.m. ET.

At 10:30 a.m., the gov’t releases U.S. oil inventory data with crude prices around $75 a barrel.

After the close, eBay () and IBM () report results.

The market looks set for a weak open on disappointing earnings and Bear Stearns’ hedge fund news. Nasdaq futures are 12.2 points below fair value, the S&P 500 is down 7.7 and the Dow down 51.6 points.

Overall and core consumer prices rose 0.2% in June. Core CPI rose 2.2% vs. a year earlier, still a little high for the Fed’s taste. Housing starts rose last month, but downward revisions and a big drop in building permits wipe out positive feelings.

The economic data didn’t have much impact on stock futures they were too busy paying attention to the flood of earnings.

Intel () last night beat profit forecasts but shares are trading down 5% on weak gross margins. The chip giant’s outlook was so-so and the company said it might cut capital spending. That could hurt chip-gear makers today after big gains on Tuesday.

Yahoo () also is trading notably lower in the pre-open. The Internet giant met lowered views for flat profit. But its outlook was weak. Google (), which reports on Thursday, traded down slightly.

Pfizer (), the world’s No. 1 drug maker, missed profit and sales views amid a showing for its Lipitor cholesterol fighter. So shares are expected to open lower.

United Technologies () edged past views and raised its 2007 profit guidance. But shares of the diversified manufacturer, which has surged in recent days, are trading slightly lower.

Bear Stearns () is trading lower after the Wall St. bank said that two hedge funds bet heavily on subprime debt are virtually worthless. Bear shares have been under pressure for several weeks since news of the funds woes became clear.

The hedge funds’ near collapse raises has added to broader financial market concerns about subprime woes and risk in general. Businesses are having trouble selling debt while banks are finding resistance as they try to set up loans for the private equity clients. Cheap, easy credit has fueled the buyout boom, and an end to that could chill the overall stock market rally.

However, deal talk continues to swirl around retail giant Macy’s (). Shares are shooting up on a report that Kohlberg Kravis Roberts and Goldman Sachs are mulling a $24 billion, $52-a-share bid.

Pharmaceutical Product Development () met Q2 profit views but warned for the 2nd half. Shares are pointed sharply lower.

American Standard (), which makes everything from air conditioners to kitchen fixtures, fell short of profit views. Shares, which had jumped to a new high on Tuesday, were trading lower.

Investors will pay close attention to Fed Chairman Ben Bernanke’s congressional testimony at 10 a.m. ET.

At 10:30 a.m., the gov’t releases U.S. oil inventory data with crude prices around $75 a barrel.

After the close, eBay () and IBM () report results.