A mixed opening loomed for stocks Thursday as
investors digested a sharp drop in Ford profits, strong results from
Amazon.com, and awaited word about the strength of the troubled housing market.
Stocks posted modest gains Wednesday as oil
prices tumbled to the lowest close since early June.
After the bell a key
reading on home sales is due to come, which appeared to have reached a bottom earlier
this year, was due shortly after the market open. The National Association of
Realtors was expected to report a decline in the annual home sales rate to 4.95
million in June from 4.99 million the previous month, according to economists.
The House passed a bill late Wednesday
providing up to $300 billion in aid to homeowners facing foreclosure as well as
government support to mortgage financers Fannie Mae and Freddie Mac.
Among corporate news: Regional Bank National City Corp. reported
a mortgage-related loss of $2.45 per share, much deeper than expected.
Ford reported a huge $8.7 billion net loss for
the second quarter.
Ford and rival General Motors have been hit
hard by economic weakness and high fuel prices as people have stopped buying
the high-margin sport utility vehicles that they had relied upon.
Dow Chemical reported second-quarter earnings
fell 27% from the previous year due to the high cost of energy and raw
materials.
Meanwhile, conglomerate 3M and Amazon.com
reported profits.