| 10:00 ET Dow -81, Nasdaq -23, S&P -5.97: [BRIEFING.COM] A tough start for the market as there has been little news to incite bullish interest... Selling pressure is widespread, concentrated among the technology, oil service, brokerage, and cyclical components... Weakness in those particular areas underscores some growing concerns about the macro-economic environment, and specifically, earnings prospects in the months ahead if end demand remains weak... The ECB lowering its 2001 growth forecast and a realization that Japan's economy remains a mess is weighing on sentiment... Big story of the day, though, is an admission from General Electric (GE +0.45) that it is not optimistic that its proposal to acquire Honeywell (HON -4.76) will meet with European regulatory approval... On an encouraging note, the Nasdaq found support at 2085 and has been paring its losses in the past few minutes... For a more in depth discussion of key levels to watch at the Nasdaq, be sure to read today's Story Stock on the Composite.... NYSE Adv/Dec 672/1701... Nasdaq Adv/Dec 732/1904. |
