Maybe...and if so will be short lived.Rockets' red glare for...

Maybe...and if so will be short lived.
Rockets' red glare for stocks


Stocks set for shaky start as North Korea's missile tests ignite jitters on Wall Street.
July 5 2006: 6:17 AM EDT

NEW YORK (CNNMoney.com) -- North Korean missile launches could send stocks in a downward direction when U.S. markets open Wednesday.

At 6:10 a.m. ET, S&P and Nasdaq futures were moderately lower.

The North Koreans test fired a missile Wednesday, the seventh in a 24-hour period, a NORAD spokesman told CNN Radio. This rocket, whose range was not determined, landed in the Sea of Japan 10 minutes after launch. (CNN.com's coverage)

The missile launches add even more global tension to the markets, already plagued by concern about Iran's nuclear program and the continuing war in Iraq.

In overseas reaction to the launches, Tokyo's Nikkei index fell for the first time in five sessions and stocks in Europe were lower in morning trading.

Later in the session, the Commerce Department will report on May factory orders although many investors are focused on the June jobs report due later in the week.

Treasury prices were mostly lower, with the yield on the 10-year note rising to 5.17 percent from 5.16 percent late Monday.

Oil was mixed, with U.S. light crude futures down 22 cents to $73.71 a barrel, while Brent crude was up 30 cents to $72.81.

In corporate news, the Big 3 automakers began reporting their monthly U.S. sales figures on Monday. Ford (Charts) said U.S. sales fell 7 percent in June, while DaimlerChrysler (Charts) said its U.S. vehicle sales fell 13 percent during the month. After the market close, General Motors (Charts) said its June sales sank 26 percent.

Stocks managed modest gains Monday as investors cheered a set of reports pointing to slowing economic growth on the heels of 17th consecutive interest-rate hike from the Federal Reserve. U.S. markets were closed Tuesday for the Independence Day holiday.

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