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Archiwum newsów - DJ US Stock Futures Tumble After Overseas Selling

2007-11-21  
DJ US Stock Futures Tumble After Overseas Selling
U.S. stock futures dropped sharply on Wednesday, as traders reacted to big
selling in overseas markets on dollar weakness and oil price strength, with
a poll expected to confirm a continued slide in consumer confidence.
S&P 500 futures dropped 16.7 points at 1429.20 and Nasdaq 100 futures
declined 21 points at 2014.50. Dow industrial futures dropped 133 points at
12927.
U.S. stocks rose on Tuesday in another volatile session, with the Dow
industrials rising 51 points, the Nasdaq Composite adding 3 points and the
S&P 500 rising 6 points. Though Freddie Mac warned it may have to slash its
dividend, leading to another tough day in the financial sector, an upbeat
profit forecast from Hewlett-Packard and gains in the energy sector steered
markets to a stronger finish. Oil futures overnight rose as high as $99.29 a
barrel, and the dollar again hit a record low against the euro as debate
continues on whether oil-rich Gulf countries will continue to peg their
currencies to the U.S. dollar.
Oil futures came back a bit, up 17 cents at $98.20 a barrel, ahead of the
release of statistics likely to show growing U.S. energy inventories.
Yields on 10-year Treasury notes fell below 4% for the first time in more
than two years, and in more recent trading were at 3.99%.
The dollar hit a two-year low of 108.23 yen, prompting big selling of stocks
in Tokyo, where the Nikkei 225 dropped 2.5%.
Other international markets saw heavy drops as well, with the FTSE 100
losing 1.5% and the Hang Seng dropping over 4%.
Ahead of the Thanksgiving break, the University of Michigan's final consumer
confidence poll for November is due for release, as is the Conference
Board's leading economic indicators for October. Weekly jobless claims prekluzja
is due for release a day early.
Retail stocks will continue to be in the spotlight.
Limited Brands late Tuesday reported a 48% profit drop and cut its current
quarter earnings estimate, blaming a challenging retail environment. The
Children's Place used a similar description to report preliminary
third-quarter results.
Abercrombie & Fitch rose 21 cents to $73 in pre-open trade after
third-quarter profit didn't grow as fast as analysts had forecast.
But Hot Topic, the teen apparel retailer, held onto its earnings forecast.
And Whole Foods forecast next year's sales to grow as much as 30% and lifted
its dividend by 11%.
Gap results are expected later.
On the financial front, Credit Suisse dropped in Swiss trading after Goldman
Sachs lowered the bank's rating to sell from neutral after anticipating less
global growth and more skepticism toward the value of its capital markets
businesses.
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