Stocks Set for Another Down Day
Stock index futures are pointing to another down day for the U.S. equity market as investors remain concerned about the euro zone debt crisis. Investors are also expected to remain cautious ahead of Federal Reserve Chairman Ben Bernanke’s comments on the U.S. economy.
Ahead of the opening bell, the Dow Jones Industrial Average futures are trading 110 points lower at 10,419, the S&P 500 futures are trading 12 points lower at 1,075, and the Nasdaq 100 futures are trading 19 points lower.
On Monday, stocks fell sharply, starting the fourth quarter on a dismal note as developments in the euro zone over the week weighed down confidence. Markets in Europe also fell on Monday and have extended their losses in trading today. At last check, the FTSE 100 Index in London was down 2.8%, while the DAX Index in Frankfurt was down 3.2%. In Asia, the Nikkei 225 Index was down 1.1%.
On the economic front, the Commerce Department will release a report on factory orders for the month of August. Economists expect factory orders to fall 0.1% in August. Meanwhile, the Fed Chairman will speak before the Joint Economic Committee on the economic outlook at 10 AM EST.
Among the stocks expected to remain in focus in trading today include Apple Inc. (NASDAQ: AAPL) as the company is expected to launch the latest version of the iPhone. Apple share rose 0.1% in pre-market trading today.
Swiss bank UBS AG (NYSE: UBS) will also remain in focus today. The bank today said that it expects a modest third-quarter profit despite the $2.3 billion hit it took due to the rouge trading scandal. UBS shares are almost 3% in pre-market trading today.
Ford Motor Company (NYSE: F) shares are also expected to remain in focus today after the automaker reached a tentative agreement with United Auto Workers.
Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht. |