<FONT COLOR=BLUE>MARKET SNAPSHOT--Futures point to sharply lower open
Profit worries dominate
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 7:46 AM ET Sep 21, 2000 NewsWatch
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NEW YORK (CBS.MW) - Buyers appear eager to stay on the sidelines Thursday, judging by the sloppy action in the futures market.
Profit warnings and the oil muscle-flexing has effectively put a lid on the market's attempts to rally, hurting both old- and new-economy companies.
December S&P 500 futures subtracted 6.00 points, or 0.4 percent, and were trading roughly 9.50 points below fair value, according to HL Camp & Co. Nasdaq futures, eanwhile, fell a hefty 57.00 points, indicating a sharply lower open for technology issues.
Meanwhile, expected weakness in equities may sustain government bond prices. It has certainly given bonds a bid in the early going.
The 10-year Treasury gained 1/8 to yield ($TNX: news, msgs) 5.885 percent and the 30-year Treasury bond added 1/8 to yield ($TYX: news, msgs) 5.95 percent.
On the economic front, Thursday will see the release of the Philadelphia Fed Index for September as well as the August Treasury budget data. The weekly initial claims figures will also be out. View Economic Preview, economic calendar and forecasts and historical economic data.
In the currency arena, the euro recovered a touch after reaching a fresh low on Wednesday. Dollar/yen (C_JPY: news, msgs) erased 0.3 percent to 106.31 while euro/dollar (C_EUR: news, msgs) inched up 0.2 percent to 0.8504.
Julie Rannazzisi is markets editor for CBS.MarketWatch.com. |
