M A R K E T -- S N A P S H O T--Stocks brace for downside open
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 7:25 AM ET Jan 29, 2001 NewsWatch
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NEW YORK (CBS.MW) - Stocks are set for a downside open Monday in a week that will be a busy one both on the earnings and economic front.
March S&P 500 fell 3.30 points, or 0.2 percent, and were trading roughly 3.30 points below fair value, according to HL Camp & Co. Nasdaq futures fell 30.50 points, or 1.2 percent.
Observers expect the major averages to stay within a tight range ahead of a two-day Fed meeting that begins Tuesday. Fed funds futures are pricing in an over 90 percent chance the central bank will cut rates by 50 basis points.
On the economic front, a slew of key releases are on tap this week, including: the fourth-quarter gross domestic product, January consumer confidence, December new home sales, the January employment report, the January NAPM index, December personal income and spending figures, factory orders and construction spending. View Economic Preview, economic calendar and forecasts and historical economic data.
In the currency arena, dollar/yen slipped 0.7 percent to 116.58 while euro/dollar shaved 0.6 percent to 0.9190. |
