M A R K E T .. S N A P S H O T --More pain ahead for investors
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 7:30 AM ET Mar 1, 2001
NEW YORK (CBS.MW) - More profit warnings, including one from Gateway, and additional negative comments from analysts, including a downgrade of Broadcom, is keeping investors far away from tech stocks and signals yet another negative open for shares.
March S&P 500 futures gave up 9.30 points, or 0.7 percent, and were trading roughly 9.60 points below fair value, according to HL Camp & Co. Nasdaq futures, meanwhile, fell 25.00 points, or 1.3 percent.
Over in the bond arena, prices continued to thrive in response to the equity market's woes.
The 10-year Treasury note advanced 6/32 to yield ($TNX) 4.88 percent while the 30-year government bond gained 10/32 to yield ($TYX) 5.31 percent.
In economic news, all eyes will be on the February release of the National Association of Purchasing Management Index. The report is expected to show a 42.4 percent reading, a touch higher compared to the January figure.
Also due out on Thursday: weekly jobless claims, January personal income, seen edging up 0.5 percent, and personal spending, seen up 0.6 percent. Finally, January construction spending will be released and is seen rising by 0.5 percent. View and economic calendar and forecasts.
In the currency arena, dollar/yen shed 0.1 percent to 117.26 while euro/dollar edged up 0.2 percent to 0.9261. |
