Monday, 02 March 2009 12:34:05 GMT
Written by John Rivera, Analyst
AiG will get another $30 billion in federal aide on top of the $150 billion it has already receive as the beleaguered insurer posted a quarterly loss of $61.7 billion. That news and HSBC issuing a $17.7 billion dollar rights issue has reignited concerns over the banking sector which sent Asian and European stocks into a free fall and should have a similar impact on U.S. markets. The ISM manufacturing is due fro release and is expected to fall to 34.0 from 35.6 in January. It would mark the 13th straight month that the sector contracted which is a strong sign that the economy may remain in a recession into 2010. A 0.4% increase in personal spending is expected and would be the one positive ion the day, as personal income is expected to fall by 0.2%.
Dow Jones 7062.93
The DJIA is headed for a lower open as futures have been trading more than 100 points lower through overnight trading. Financials and energy names look to continue their losses from Friday when they fell %7 and 4% respectively. The HSBC news and oil price down over 4% on the day.
NASDAQ 1377.84
The Nasdaq continues to be dragged lower by healthcare names as traders fear the impact of upcoming changes to the sector by the new administration. Nevertheless, the index remains the only major that has retaken its November lows.
S&P 500 735.09
The S&P 500 could continue trading heavy if the ISM report shows that manufacturing activity is continuing to slow. Personal income falling will also add to the bearish sentiment for the broader index as the domestic growth outlook dims.
Current Snap Shot
CFDTrading provides news on the economic reports and political events that influence the CFD traders.
Written by John Rivera, Analyst
AiG will get another $30 billion in federal aide on top of the $150 billion it has already receive as the beleaguered insurer posted a quarterly loss of $61.7 billion. That news and HSBC issuing a $17.7 billion dollar rights issue has reignited concerns over the banking sector which sent Asian and European stocks into a free fall and should have a similar impact on U.S. markets. The ISM manufacturing is due fro release and is expected to fall to 34.0 from 35.6 in January. It would mark the 13th straight month that the sector contracted which is a strong sign that the economy may remain in a recession into 2010. A 0.4% increase in personal spending is expected and would be the one positive ion the day, as personal income is expected to fall by 0.2%.
Dow Jones 7062.93
The DJIA is headed for a lower open as futures have been trading more than 100 points lower through overnight trading. Financials and energy names look to continue their losses from Friday when they fell %7 and 4% respectively. The HSBC news and oil price down over 4% on the day.
NASDAQ 1377.84
The Nasdaq continues to be dragged lower by healthcare names as traders fear the impact of upcoming changes to the sector by the new administration. Nevertheless, the index remains the only major that has retaken its November lows.
S&P 500 735.09
The S&P 500 could continue trading heavy if the ISM report shows that manufacturing activity is continuing to slow. Personal income falling will also add to the bearish sentiment for the broader index as the domestic growth outlook dims.
Current Snap Shot
CFDTrading provides news on the economic reports and political events that influence the CFD traders.