US stocks facing headwinds Monday morning ahead of ISM manufacturing report, Monday, June 02, 2008 6:37:26 AM
US stocks were poised for a rough open Monday morning in New York ahead of a busy week on the economic front, including today`s ISM report on manufacturing activity.As of 6:15 am ET, the S&P Futures were down 7 points, the NASDAQ Futures were down 8 points, and the Dow Futures were down 69 points.
The Institute for Supply Management issues its monthly report on manufacturing activity at 10 a.m. ET. Economists expect the ISM to tick lower to a reading of 48.5, down from April`s level of 48.6.
Later in the week on Friday, nonfarm payrolls are expected to show their fifth straight decline, with a loss of 60,000 jobs in May, following April`s decline of 20,000.
The price of oil slipped back to $126 Monday morning amid speculation that US demand would continue to weaken. The dollar edged higher versus the euro in early dealing, rising to 1.5540.
In corporate news, the Financial Times reported that Cerberus Capital Management has sold `significantly` more than half its equity in Chrysler and GMAC to about 90 investors.
New York State Senator Hillary Rodham Clinton soundly won Sunday`s Puerto Rican Democratic Primary, taking 68 percent of the vote on the American commonwealth island. Still, the win may be too little, too late for Clinton. Senator Barack Obama is only 45.5 delegates short of cinching the nomination.
posted by Kalin Tasev @ 12:56 PM
0 Comments:
Post a Comment
<< Home