European Headlines Pressure Stocks Lower Before Jobless Claims, LEI, Philly Fed

by devteam May 20th, 2010 | Share

The stock market is indicated lower this morning as investors remain weary about Europe’s debt crisis.

Overnight, Japanese GDP rose at a slower-than-expected annualized rate of 4.9% in the first quarter, a Chinese finance minister called for the U.S. to bring its budget deficit under control, Spain issued 10-year bonds at 4.05% — the highest yield of any 10-year auction since April 2009, Greek workers are protesting austerity again, and rumors are circulating that all EU members will adopt Germany's ban on naked short selling.

Ninety minutes before the opening bell, Dow futures are off 113 points to 10,292 and S&P 500 futures are down 15 points at 1,095.00. The 2 year Treasury note yield is 4.1 basis points lower at 0.736% and the benchmark 10 year Treasury note yield is 8.1 basis points lower at 3.289%.

Commodity valuations are also adjusting to the barrage of headline news. WTI crude oil down $1.69 to $68.18 per barrel, and Spot Gold lower by $12.50 to $1,180.60â€

About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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