Futures Market News
US stock index futures mixed after G20 announcements
Jun 28, 2010 12:03 PM
Stock index futures in the U.S. saw some modest gains and some disappointments this morning, with futures pointing to an essentially flat opening. At the G-20 meeting of nations in Toronto, President Barack Obama urged a greater focus on restoring growth and pushing forward the progress of economic recovery.
However, the nations meeting agreed to a course of deficit reduction that would cut the government deficits by 50 percent over the next three years. Japan, where deficits have become de rigeur and public debt is almost 200 percent, was exempt from the resolution.
A renewed focus on fiscal responsibility, if the G-20 nations follow through, may dent investor confidence. Economic data on consumer spending and jobs due to come out over the next week does not look promising, and a renewed focus on cutting spending and inflicting short-term pain seems unlikely to improve matters.
One piece of promising news was a higher-than forecast rise in U.S. consumer spending, up .2 percent from the previous month. At 9:00 am EST, futures on the DJIA Index were down 4 points, while S&P 500 index futures and the Nasdaq 100 were neither up nor down a single point.
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