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) announced it would cut its dividend and raise $10 billion in fresh capital as it reported quarterly earnings ahead of schedule. Meanwhile, Citigroup ( C) and Wells Fargo ( WFC) agreed to take a two-day breather from their legal fight over who would get to acquire Wachovia ( WB). In the technology sector, chipmaker Advanced Micro Devices ( AMD) 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.
Longer-dated U.S. Treasury securities were declining in price. The 10-year was down 14/32 to yield 3.5%, and the 30-year was down 26/32 to yield 4.02%. Abroad, markets were mixed. The FTSE in London was trading lower, while the DAX in Frankfurt was logging modest gains. Asian exchanges were mixed following a rate cut from Australia's central bank.