Stock Futures Indicate Mixed U.S. Open
10/07/08 - 07:00 AM EDT
Mike Taylor
Premarket futures were suggesting a mixed open for stocks in New York Tuesday, following an ugly selloff during Monday's session.
Futures for the S&P 500 were up 0.4 points at 1054, but were 7 short of fair value. Nasdaq futures were up 2.5 points at 1409 while sitting at 13 points below fair value. On Monday, the major indices sold off frantically only to recover much of their losses as the credit crisis manifested itself outside the U.S. The Dow Jones Industrial Average, down as much as 800 points during the session, ended with a loss of 369 points, or 3.6%. Nasdaq and the S&P 500 finished down 3.9% and 4.3%, respectively. After Monday's close, Bank of America (BAC Quote - Cramer on BAC - Stock Picks) announced it would cut its dividend and raise $10 billion in fresh capital as it reported quarterly earnings ahead of schedule. Meanwhile, Citigroup (C Quote - Cramer on C - Stock Picks) and Wells Fargo (WFC Quote - Cramer on WFC - Stock Picks) agreed to take a two-day breather from their legal fight over who would get to acquire Wachovia (WB Quote - Cramer on WB - Stock Picks). In the technology sector, chipmaker Advanced Micro Devices (AMD Quote - Cramer on AMD - Stock Picks) announced a plan to spin off its manufacturing operations. As for economic data, traders will get a look at minutes from the Federal Open Market Committee's Sept. 16 meeting, when the central bank elected to leave its key interest rate unchanged at 2%. Later in the afternoon, the Fed's look at U.S. consumer credit is due for release. In commodities, crude oil was gaining $2.75 to $90.56 a barrel. Gold was gaining $21.80 to $888 an ounce.
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