Stocks are set to slide this morning. Weak results and forecasts of weak results are to blame. Today’s culprits include Apple Computer Inc. and Veritas Software Corp.

J.P. Morgan Chase is hurting too, its profits were down 61%, while Ford Motor Co. reported its first quarterly loss from operations since 1992.

American Express Co. said it will take a US$826 million charge in the second quarter, and will cut 4,000 to 5,000 jobs.

On the economic front, U.S. consumer prices rose 0.2% on the headline and 0.3% on the core rate in June, more than expected by economists. Higher prices for medical care and air travel helped drive the indexes higher.

Analysts expected headline CPI to rise by 0.1%, with the core up 0.2%. Nevertheless, markets shrugged off the news to concentrate on the weak earnings.

In Canada, manufacturing shipments grew 2.1% in May to $44.6 billion, the strongest monthly gain since October 2000. Autos drove the way higher, up 5.5%. Techs posted a 3.4% increase in May, following April’s 6.6% drop. Twelve of 21 industries, representing 74% of total shipments, saw higher shipment values in May. Seven provinces reported increases.

Following three months of relative stability, the value of inventories grew 0.8% in May to $65.7 billion, the highest level since November 2000. The growth was led by a 1.8% rise in goods-in-process inventories. Unfilled orders, boosted by increases in the aerospace product and parts industry, were up 1%.

Statistics Canada also reports substantial increases in proposed investment in the oil and gas extraction industry will likely drive total capital spending in 2001 to its highest level ever. Businesses, governments and institutions are expected to invest a record $146.7 billion on plant and equipment this year, up 6.7% from 2000. This latest survey shows a substantial upward revision of $8.1 billion over original investment intentions released in February 2001.

Capital spending in the oil and gas extraction industries is now expected to reach $25.4 billion in 2001, up 26.4% over 2000. Investment intentions in the information and communication technology sector are expected to increase 12.7% despite an anticipated decline in capital spending in the manufacturing component.

Despite all the economic news, the most important economic event today will probably be U.S. Federal Reserve chairman Alan Greenspan’s testimony to Congress today, which will signal the Fed’s expectations for the economy and interest rates.

In Europe, stocks are down. Oil companies are leading the way lower, with names such as BP plc and Royal Dutch Petroleum Co. sliding crude pries continue to slide. The FTSE is down 20 points to 5,408. The CAC 40 has dropped 81 points to 4,897. The DAX is off 94 points to 5,752.

Stocks were weak overnight in Asia, too. The Nikkei dropped 236 points to 11,893. The Hang Seng held up better, losing just 68 points to 12,427.

In other news, AEterna Laboratories Inc. reported its results for the three months ended June 30. It generated net earnings of $7.5 million, or 25¢ a share, compared to a net loss of $1.7 million last year.