Wall Street was headed for a mixed-to-flat opening this morning as thinly traded futures stuck pretty close to their opening numbers. Yesterday, stocks ended the trading day with a loss, after the
Nasdaq Composite Index coughed up a triple-digit gain and the
Dow Jones Industrial Average dropped off in the wake of
Alan Greenspan's words to the
Senate Banking Committee
, an electronic exchange where currency and index futures trade, were off 3.2 to 1322.9. But from fair value, the correct representation between where futures trade and where the underlying index (in this case, the S&P 500) trades, that's a loss of less than a point.
futures were up 4 to 2230, a gain of about 12 from fair value as calculated by
Last night, a bunch of big tech names released earnings or made announcements related to them.
said that although the third quarter would be slow, the company would rebound at the beginning of 2002.
beat first-quarter expectations but lowered earnings estimates again.
Over in Europe, the major market bourses were deep in the red. London's
slid 52.4 to 6176.1, as telecommunications stocks took a nose dive and oil stocks got crushed. The late-day selloff here in the States yesterday also did nothing to give the indices any strength headed into the session. Germany's
dropped 76.8 to 6481.3, while the Paris
fell 76.8 to 6481.3.
Asian markets were higher, but nothing notable. Japan's
finally pulled out a winning session, inching up 9.4 to 13,284.1. Now that's not very much of a gain, but you don't look a gift horse in the mouth. The index trended higher on news that someone high up in government had asked for the resignation of Prime Minister Yoshiro Mori, who has been blamed for a lack of decisive action about the precarious state of the Japanese economy. Hong Kong's
gained 17.7 to 15,860.4
For Tuesday's postclose trading, see
The Night Watch.