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

To: stockman_scott who wrote (42768)	10/3/2001 7:45:50 AM
From: Dealer	Read Replies (1) \| Respond to of 65232

M A R K E T .. S N A P S H O T -- Warnings take their toll After Fed ease inspires rally By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 7:31 AM ET Oct. 3, 2001 NEW YORK (CBS.MW) -- Warnings from Nortel Networks and Eli Lilly are likely to dampen sentiment Wednesday -- a day after a 50-basus-point Fed rate cut inspired a late-day rally. Nortel (NT: news, chart, profile) fell in pre-market trading, falling to $5, off 29 cents from its prior close. And Lilly (LLY: news, chart, profile) fell to $79 in Instinet, down a hefty $3.87 from its close on Tuesday. Read Indications. FRONT PAGE NEWS Momentum builds for U.S. fiscal stimulus package Nortel slashes 20,000 more jobs, warns of loss Big Three auto sales fall amid terrorist disruption Market news and more! Sign up to receive FREE email newsletters Get the latest news 24 hours a day from our 100-person news team. Nortel warned late Tuesday that it expects a net loss of $6.3 billion in the third-quarter vs. the second quarter's loss of $19.4 billion as revenue slides to $3.5 billion from $4.6 billion in the second quarter. The fiber optics company also said it expects to break even in the first quarter of 2002. December S&P 500 futures backpedaled 8.50 points, or 0.8 percent, and were trading about 7.10 points below fair value, according to HL Camp & Co. Nasdaq futures slipped 18.00 points, or 1.5 percent. Treasury issues continued their ascent undeterred, with expected weakness in the stock market to lend additional support. In the government bond arena, the 10-year Treasury note was up 7/32 to yield ($TNX: news, chart, profile) 4.48 percent while the 30-year government bond added 10/32 to yield ($TYX: news, chart, profile) 5.31 percent. Wednesday will see the release of the NAPM non-manufacturing index for September, expected to come in at 43.3 percent. Check economic calendar and forecasts. In the currency arena, the dollar tacked on 0.6 percent to 121.41 yen while the euro inched up 0.2 percent to 92.01 cents. Julie Rannazzisi is markets editor for CBS.MarketWatch.com in New York. More MARKET SNAPSHOT •U.S. markets rally after rate cut 5:16pm ET 10/02/01 •U.S. stocks sputter but come off lows 4:36pm ET 10/01/01 •An unforgettable quarter 5:40am ET 09/29/01 •U.S. stocks end on an effervescent note 5:50pm ET 09/28/01 •Dow reverses course, staging nice rally 5:55pm ET 09/27/01 Latest Industry News •Fixing errors in your credit record 1:00am ET 10/03/01 •Momentum builds for U.S. fiscal stimulus package 9:22pm ET 10/02/01 •Stocks to watch: BEA Systems, Nortel, Wal-Mart, more 6:52pm ET 10/02/01 •Canadian stocks rise as Fed cuts rates 6:34pm ET 10/02/01 •Fed cuts rates to 39-year low 6:17pm ET 10/02/01