Russell 2000 falling
Stocks are down following sour earnings reports from major players as cautious investors await a speech by U.S. Federal Reserve Chairman Ben Bernanke.
At 10:26 a.m. ET the Russell 2000 had lost 6.56 points, or 0.77 percent, to 846.68. The Dow Jones Industrial Average had shed 53.41 points, or 0.39 percent, to 13,596.56.
Fed Chairman Ben Bernanke will talk about inflation when he addresses the National Bureau of Economic Research this afternoon. Stocks will most likely fall and the chances of a cut in the federal funds rate will all but evaporate should the head of the U.S. central bank suggest that inflation remains a worry.
Elsewhere, Atlanta-based home improvement retailer Home Depot Inc. (NYSE: HD) announced this morning that its earnings for the year will fall more the previously forecast due to weakness in the U.S. housing sector.
Similarly, retailer Sears Holdings Corp. (Nasdaq: SHLD) reported this morning that same store sales for the nine-week period ended July 7 dropped 3.9% at its Kmart stores and 4% at its domestic Sears stores.
The following were the most actively traded companies in Tuesday’s trading among those with market capitalizations under $500 million:
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