Preopen Trading: Yesterday's Misery Looks to Continue for Stock Market

Nasdaq futures are deep in the red after Apple's bite, despite the stock's slight preopen rebound.
Author:
Publish date:
Image placeholder title

No indication of a repeat of Tuesday's rally this morning. The

S&P 500 futures on

Globex

lately were down 1 to 1353, about 18 points below fair value as calculated by

Prudential Securities

. The thinly traded

Nasdaq 100

futures were down 30 points to 2695, almost 110 points below fair value as calculated by

TheStreet.com

.

Meanwhile, in preopen trading on electronic brokerage

Instinet

,

Apple

(APPL)

was rebounding a bit from the fall it caused in yesterday's regular session. The stock

warned after the record-setting rally Tuesday and sent everything tech back down.

Microsoft

(MSFT) - Get Report

still hasn't recovered and lately was down $2.69 to $54.

Despite

warning and announcing job cuts last night,

Scient

(SCNT)

hadn't traded yet this morning. Neither had

Hasbro

(HAS) - Get Report

, which said its 2000 earnings would miss estimates by

a lot. It lately had been offered at $11, which would be down 56 cents.

Europe's major indices were mixed at midsession, but those rallying were starting to fade. France's

CAC-40

was barely higher, up 0.02%, Germany's

Xetra Dax

was up 0.14% and the U.K.'s

FTSE 100

was 0.65% lower. Japan's

Nikkei 225

lost 1.14% overnight, while Hong Kong's

Hang Seng

slipped 0.58%.

For Wednesday's postclose trading, see The Night Watch.