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NEW YORK (CNNMoney)
U.S. stock futures were moving slightly higher ahead of the opening bell.
Wall Street will be in focus Tuesday morning, with mega-banks JPMorgan (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500) scheduled to release quarterly results before the market open. Investors are readying themselves for a slew of quarterly earnings announcements over the coming weeks.
In economic news, the U.S. Census Bureau will release its monthly report on retail sales at 8:30 a.m. ET, with its report on business inventories due at 10:00.
Related: Fear & Greed Index
U.S. stocks fell Monday as some investors grew concerned that corporate earnings may not be strong enough to justify higher stock prices.
Mike van Dulken, head of research at Accendo Markets said the fall was "based on increased concern over US equity valuations ahead of fourth quarter earnings season."
He noted that a new report from Goldman Sachs (GS, Fortune 500) said S&P 500 multiples were lofty by almost any measure and further expansion would be difficult to achieve.
Market losses were also spurred on after Atlanta Fed President Dennis Lockhart said he would support the Federal Reserve in continuing to taper its stimulus program, provided the economy continues to improve.
The Fed's stimulus program -- involving billions in asset purchases -- helped support a massive stock market run-up in 2013.
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Google (GOOG, Fortune 500) announced Monday afternoon that it was buying connected device maker Nest Labs for $3.2 billion. Google shares ticked up 0.5% in after-hours trading.
Also on Monday, Charter Communications (CHTR, Fortune 500) said it had formally proposed acquiring Time Warner Cable (TWC, Fortune 500). Shares of both companies rose 1.7% in after-hours trading. Time Warner Cable flatly rejected the offer.
European markets were declining in morning trading, taking their cue from market action in the U.S.
Asian markets ended with mixed results. The Nikkei in Japan tumbled by just over 3% while the benchmark index in India was up by nearly 2% ahead of the close.
First Published: January 14, 2014: 5:12 AM ET
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