U.S. Stock Futures Lower as Pessimism Reigns

Premarket futures were suggesting Wall Street would extend the previous day's losses Thursday, as traders continued to face a harsh economic reality and confronted a dire future for the hapless U.S. automotive sector.

Futures for the S&P 500 were down 13 points at 800 and were 5.8 short of fair value. Nasdaq futures were losing 18 points at 1075 and were 13 below fair value.

On Wednesday, stocks spent much of the day in the red and took a final plunge into the close, saddling the major averages with heavy losses. Dismal housing and consumer-price data, as well as uncertainty over the fate of the automakers, contributed to the pessimism. ...