Filed under: Before the bell, International markets, Earnings reports, Analyst upgrades and downgrades, Coca-Cola (KO), PepsiCo (PEP), Market matters, Alcatel-LucentADS (ALU), Economic data, Politics, Federal Reserve
Stock futures were lower this morning, pointing to a weaker open on Wall Street this morning to end the week. Recession concerns following retail data from Thursday as well as a low consumer confidence level only served to aggravate those concerns further.
On Thursday, stocks snapped a three-day losing streak when as some bargain hunters moved in to pick up some stocks. The Dow industrials finished nearly 47 points higher, or 0.38%, the S&P 500 added 10 points, or 0.79%, and the Nasdaq Composite rose 14 points or 0.63%.
On the economic calendar today is only a December reading on wholesale inventories due at 10 a.m. EST. Atlanta Federal Reserve President Lockhart also is due to speak.
Meanwhile, according to the RBC Cash Index, consumer confidence in the economy dropped further to a mark of 48.5 in early February — the worse reading since 2002 — from 56.3 last month. People fear shrinking job opportunities and the possibility the country is falling into recession. It seems that the Federal Reserve’s easing policy and rate cut didn’t serve to ease concerns, nor did the proposed economic stimulus package.
Speaking of the stimulus plan, Congress finally passed late Thursday a $170 billion economic stimulus bill. According to the package, most taxpayers will get rebate checks as soon as May in the amount of $600, while couples will receive $1,200 checks.
Continue reading Before the bell: Futures point to weaker open
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