<FONT COLOR=BLUE>MARKET SNAPSHOT--Dour tone for market
CPI ahead; IBM's revenue disappoints
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 7:52 AM ET Oct 18, 2000
NEW YORK (CBS.MW) - The market is heading for a sloppy open Wednesday following an extremely shabby performance on Tuesday with investors increasingly concerned that a slowing economy is taking a bigger-than-expected bite out of corporate revenues going forward.
IBM (IBM), for example, while matching estimates, failed to meet Wall Street's revenue numbers and investors took sharply lower in pre-market dealings.
And Chase Manhattan (CMB), which missed earnings estimates Wednesday morning, is likely to weigh heavily on the broad market.
December S&P 500 futures fell 12.80 points, or 0.7 percent, and were trading a whopping 16.50 points below fair value, according to HL Camp & Co. Nasdaq futures, meanwhile, lost 50.00 points, or 1.6 percent.
In the meantime, the economic event of the day is the release of the September consumer price index, seen rising by 0.4 percent overall and by 0.2 percent at the core, which excludes the volatile food and energy components. Last week, the headline producer price index showed View Economic Preview, economic calendar and forecasts and historical economic data.
In the bond market, prices were mixed in early trading. The 10-year Treasury note gained 2/32 to yield ($TNX) 5.67 percent while the 30-year bond shed 1/32 to yield ($TYX) 5.77 percent.
Cornering the currency market, the dollar gained 0.2 percent to 108.22 against the yen while euro/dollar lost 0.1 percent to 0.8540. |
