U.S. stock index futures are fluctuating on either side of
unchanged this morning, following a weak session in Asian markets,
and a moderately lower session in Euro zone and U.K. markets.
Banking stocks had traded higher after a compromise was worked
out on the handling of swap desks, which will force banks to spin
those operations out into subsidiaries. In Europe, the perceived
risk of Greek debt jumped again to another record, following
yesterday's blowout in spreads. This has brought the issue of the
risk Greece poses to the rest of Europe to the forefront once
again, and this has kept a lid on any advances in equity markets as
Industrial metals pricing also was weak, reflecting concerns
about future demand as Europe readies stringent austerity measures
along with Japan. While none of these issues are news, the
discounting of those worries doesn't appear to have subsided.
Research in Motion (
) will likely be active to the downside this morning after the
company reported earnings last night after market close. Unit
shipments appeared to have come in lighter than expectations.
Forecasted revenue for the coming quarter was also shy of the high
end of expectations.
In the pre-market, the stock has traded down as much as 5
percent, which is helping to make the Nasdaq 100 index the weakest
of the major averages so far today. The stock is heavily weighted
in that index. There are no major earnings announcements for today,
and that will help keep the focus on RIMM. Volume is likely to be
light as it has been all week, though large surprises in today's
economic data could alter that picture.
(Chart courtesy of
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