Futures Market News
U.S. stock index futures point to another grim day
Aug 20, 2010 11:03 AM
Futures on all of the world's major stock indexes dropped on Friday morning, indicating that the markets would likely finish off the week in a disappointing fashion. Investors are still reeling from the unexpected surge in U.S. unemployment that was announced yesterday, in addition to the slump in the Philadelphia Federal Reserve Bank's Mid-Atlantic manufacturing index.
Dow Jones Industrial Average index futures slipped 34 points to 10,201 while S&P 500 index futures lost 3.9 points to 1,067.40. Nasdaq 100 index futures dropped 4 points to 1,816 at 9:15 a.m. EST.
South of the border, the situation didn't look much better: Mexican Bolsa index futures dropped 255 points to 32,197 and Brazilian Bovespa index futures declined 194 points to 67,610.
Across the pond, the FTSE 100 index futures slid 28 points to 5,184.
Despite the fact that much of the weakness stemmed from anemic U.S. growth, the dollar and U.S. Treasury notes rose, as investors looked for haven assets with low perceived risk.
"Data has continued to miss consensus by quite a lot, firmly underpinning fears of a double-dip recession," David Schnautz, a strategist at Commerzbank AG, told Bloomberg News.
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