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5-Day Forecast
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 The McClatchy Co. |
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Monday, January 5, 2009
24-Hour News Business |
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US stocks head for lower open
By MADLEN READ -- AP Business Writer (Published February 6‚ 2008) NEW YORK (AP) Stocks were poised to open lower Thursday as investors, already concerned about technology spending after the Internet networking supplier Cisco Systems' dreary outlook, awaited sales reports from the nation's major retailers. Late Wednesday, Cisco Systems Inc. reported quarterly results that met analysts' expectations but issued a 10 percent sales growth forecast for its current quarter that was well below the 15 percent that Wall Street had projected. Cisco shares sank 8 percent in after-hours trading. After Macy's Inc. reported Wednesday that sales at stores open for at least a year, known as same-store sales, fell a bleak 7.1 percent, investors are treading cautiously ahead of Thursday's batch of retail sales figures. In addition to retail reports, investors are uneasy ahead of Thursday's economic data, which include readings on pending sales of existing homes, weekly jobless claims and consumer credit. Another stock drop on Thursday would bring the market its fourth straight down day. The Dow Jones industrial average has lost 543 points, or 4.26 percent, so far this week on a toxic mix of concerns including a contraction in the service sector and a weakening consumer. Dow futures fell 21, or 0.17 percent, to 12,214. Standard & Poor's 500 index futures fell 4.00, or 0.30 percent, to 1,326.00, and Nasdaq 100 index futures fell 22.25, or 1.27 percent, to 1,726.00. Light, sweet crude oil rose 10 cents at $87.24 a barrel in premarket trading on the New York Mercantile Exchange. Oil prices appear to be on a gradual decline, so it's possible that a slower economy is keeping inflation from accelerating; still, many market participants are anxious about how much longer the Fed can continue to lower interest rates given relatively high food and energy costs. Overseas, many Asian markets were closed for a holiday, but Japan's stock market was open and its Nikkei average rose 0.82 percent. In Europe, Britain's FTSE 100 rose 0.09 percent, Germany's DAX index fell 1.29 percent, and France's CAC-40 fell 1.06 percent. |
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