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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Cactus Jack who wrote (40610)	8/27/2001 8:15:12 AM
From: Dealer	Read Replies (1) \| Respond to of 65232

M A R K E T .. S N A P S H O T -- U.S. stock futures surrender gains By Greg Morcroft, CBS.MarketWatch.com Last Update: 8:06 AM ET Aug 27, 2001 NEW YORK (CBS.MW) -- U.S. stock futures surrendered early gains Monday morning to trade unchanged and point to a flat opening as investors digested last week's late rally that lifted all the major indexes. Nasdaq futures fell 2 points Monday to 1589, and S&P futures were unchanged before the open Monday. In the aftermath of the Federal Reserve's Aug. 21 interest rate cut, the equity market ended last week on an impressive note, with tech stocks fashioning their most vigorous rally in about a month and a half. On Friday, the Dow Jones Industrial Average ($INDU) rallied 194.02 points, or 1.9 percent, to 10,423.17. The Nasdaq Composite ($COMPQ) gained 73.83 points, or 4.0 percent, to 1,916.80, while the Nasdaq 100 Index ($NDX) jumped 82.64 points, or 5.5 percent, to 1,579.62. Among the few companies reporting quarterly results this week are: Comverse Technology, Sports Authority, H&R Block, Tech Data, Michaels Stores, Puma Technology and Zale. This week's data calendar includes July existing home sales, August consumer confidence, the revision to second-quarter gross domestic product, July personal income, personal consumption expenditures, July factory orders, the August Chicago Purchasing Mangers Index and the August Michigan Consumer Sentiment Index. Check economic calendar and forecasts. Investment banking cuts JP Morgan Chase (JPM) is preparing to trim bonuses and jobs in its investment banking business over the next four to six weeks, according to reports in the UK Sunday Times and the Financial Times on Monday. The cost-cutting effort at the investment banking arm could lead to the loss of 6,000 jobs worldwide, the Sunday Times reported, citing a memo sent by investment banking chief Geoff Boisi that warns staff to expect cuts of 15 percent to 20 percent in costs. The memo was sent last week. Officials from JP Morgan Chase weren't immediately available for comment. UK offices were closed for a holiday. Revised GDP due Wednesday The biggest market mover of the week may very well be the revision to second-quarter gross domestic product, due for release on Wednesday morning at 8:30 a.m. It could show that the economy contracted in the April-June quarter for the first time since the first quarter of 1993. The government's first estimate of GDP was 0.7 percent, but it'll likely be revised lower due to cleaner data on trade, inventories and construction spending. The consensus of economists surveyed by CBS.MarketWatch.com is for GDP to be revised to a gain of just 0.1 percent, as close to zero as you can get. A negative reading would make for some great (that is, scary) headlines, but it wouldn't change the fundamental picture of the economy that's persisted for nearly a year: Flat growth. See a historic record of quarterly GDP. --------------------------------------------------------------------------------