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Wall St.'s rising sun hopes
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March 15, 2001: 8:31 a.m. ET
Rally of Tokyo stocks could be signal for rebound after massive U.S. selloff
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NEW YORK (CNNfn) - Maybe Wall Street won't pass around the sake, but it could get some overseas cheer Thursday after Japan's banks addressed some of the concerns that contributed to a selloff in U.S. stocks.
Nasdaq-100 futures rose more than 2 percent, after taking fair value into account, pointing to a higher open Thursday for the Nasdaq market. Standard & Poor's also advanced, indicating an initial gain for the S&P 500 and Dow Jones industrial average.
 It was concern about Japan's economy, particularly the strength of the nation's banks, that helped point U.S. markets sharply downward Wednesday. But an admission from three banks of steep loan losses for the fiscal year ending this month helped right Tokyo's Nikkei index -- it bounced off a 16-year low to finish up 2.6 percent Thursday.
The Dow Jones industrial average begins at 9,973.46 after Wednesday's 3 percent drop that put it below the 10,000 mark for the first time since last October. The Nasdaq composite index opens at 1,972.09 following a 2 percent decline, while the S&P 500 stands at 1,166.71 including a more than 30-point tumble.
European markets edged up in early trading.
Treasury prices leaned lower early Thursday. The yield on the 10-year note was unchanged at 4.85 percent, while the yield on the 30-year bond edged up to 5.29 percent from 5.28 percent late Wednesday.
The dollar weakened slightly against the yen and euro. Brent oil futures rose 33 cents to $25.17 a barrel in London.
Nokia (NOK: Research, Estimates) lowered its first-quarter sales estimate and reduced its forecast for worldwide mobile phone demand in 2001. American depositary shares of the Finnish company slipped 25 cents to $21.80 Wednesday.
Oracle (ORCL: Research, Estimates), the business software maker, is scheduled to report fiscal second-quarter results after the markets close Thursday. The company, which earlier this month warned that it would not meet then-current forecasts, is expected by the First Call analysts' consensus to report earnings of 10 cents a share. That's up from 9 cents a year earlier. Oracle shares closed down 88 cents to $16.06.
BellSouth, the regional phone service provider, is interested in buying long-distance provider Sprint, according to a report Thursday in the Washington Post. But the paper says any deal is months in the offing. BellSouth (BLS: Research, Estimates) closed Wednesday at $40.65, down $1.26, while Sprint (FON: Research, Estimates) finished down 84 cents to $20.56.
eBay (EBAY: Research, Estimates) chairwoman Meg Whitman offered a positive outlook for Internet commerce Wednesday when she addressed an otherwise gloomy Spring Internet World conference in Los Angeles. Whitman said there is still great potential for the Net despite the shakedown that has left dozens of Web companies by the wayside, putting a lot of faith in the expansion of broadband access. Shares of the auction site operator fell 31 cents to $34.13 Wednesday.
 Bristol-Myers Squibb announced Wednesday it will reduce the price it sells two AIDS drugs in Africa to a total of $1 a day. The move is another in a series by drug companies to respond to criticism that they charge too much for the life-saving medicines in developing nations. Bristol-Myers Squibb shares fell $2.11 to $58.89 Wednesday.
Foodmaker H.J. Heinz, reporting third-quarter earnings that matched Wall Street forecasts, said Thursday it plans to eliminate 1,900 jobs as part of a sweeping reorganization to improve profitability. Heinz (HNZ: Research, Estimates) shares slipped 16 cents to $40.86 Wednesday.
There is one potential calming influence in Thursday's market, as "March Madness" shifts from the activity on the NYSE trading floor to the activity in the annual NCAA basketball tournament. The event is popular among Wall Street traders, and the TV broadcasts on CBS could be a distraction when the games begin at midday. 
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