Most people don't look forward to Monday morning and that was certainly reflected this morning in the trading of stock futures.
S&P 500 futures on the
exchange lately were down 4 to 1360, or about 3 points below
fair value, as calculated by
. The thinly traded
futures, which track large-cap technology, were down 26 to 2620, more than 30 points below fair value as calculated by
. Fair value helps gauge how stocks will trade in early action.
Preopen trading was pretty quiet this morning. Embattled telecom giant
was getting a little trim on electronic brokerage
after it reported fourth-quarter earnings that met lowered expectations. AT&T, which has been plagued by problems and disappointing results, was off 1.3% to $23. Its 52-week high is $61. The company warned in December that it would miss earlier earnings guidance and, at the time, slashed its quarterly dividend.
was 9% lower in preopen trading action. And networker
was also lower, down 3.6% to $37. Cisco's CEO, John Chambers, was
quoted over the weekend as saying his company's business has been slow in January.
So it's little surprise that Europe's major indices were lower at midsession, with France's
down 0.5% and Germany's
off 0.2%. Across the Channel, the U.K.'s
was off 0.1%.
, however, jumped 1.1% overnight, while Hong Kong's
-- open again for business after an extended holiday -- climbed 0.4%.
global indices page tracks the major world markets.
For Friday's postclose trading, see The Night Watch.