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US pre-open: Investors wait for sales report

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Date: Tuesday 13 May 2008

LONDON (ShareCast) - Wall Street is set to open lower as investors wait for the retail sales data due out before the open.

The Commerce Department will announce its April retail sales report with economists expecting sales to fall 0.1% last month, having risen 0.2% in March.

Other economic readings out today include a report on import and export prices and Fed chairman Ben Bernanke is also scheduled to speak about the economy.

Across the markets, the Dow Jones is expected to start down 39 points to 12,825 with the Nasdaq seen 3 points lower at 1995. The S&P 500 is due to fall 4 points.

On the corporate front, Wal-Mart reported first-quarter profit above Wall Street forecasts but added that the current quarter will come in below expectations.

Electronic Data Systems could jump after it confirmed late Monday that it is talking to Hewlett Packard over a possible takeover.

Staying on the M&A trail, Staples raised its hostile bid to acquire Dutch rival Corporate Express to $2.27bn.

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