Stocks Continue Sliding Ahead of ADP and ISM

by devteam May 5th, 2010 | Share

US equities look to open lower as bad news from Europe continues to dominate the headlines.

The latest is European Central Bank council member Axel Weber warning that Greek insolvency could have “a Lehman-like effect.” He called the loans mechanism from the European Union “the best way” to prevent the crisis from spreading.

“There is a threat of grave contagion effects for other member states in the monetary union and increasing negative feedback loop effects on capital markets,” Weber said, according to Bloomberg News. “All in all, Germany’s contribution to the aid package for Greece is justifiable.”

Compared to the sell-off in Europe, today’s downward open in US equities looks minor, yet the benchmark S&P 500 already lost 2.4% yesterday, marking the largest one-day fall in two months. 

Ahead of the bell, Dow futures are down 22 points to 10,870 and S&P 500 futures are off 3.75 points to 1,168.75.

The 2 year Treasury note yield is 2bps lower at 0.932% and the 10 year Treasury note is down 1.5bps yielding 3.583%. Also, WTI crude oil is down $1.31 to $81.43 per barrel, while Spot Gold is trading $3.63 lower at $1167.65

Key Events Today:

8:15 â€

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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