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| BG, "U.S. stock futures tumbled early Tuesday as deepening concerns about the bank sector dragged on the dollar..." Fed Chairmen Bernanke set to testify before Congress at 10am(Eastern) Economic Reports: Core PPI 8:30 am(Eastern) PPI 8:30 am (Eastern) NY Empire State Index 8:30am(Eastern) Retail Sales 8:30 am (Eastern) Retail Sales ex-auto 8:30 am (Eastern) Business Inventories 10:00 am (Eastern) Going with DOWN on Tuesday, gl, baz ----------------------------------------------------------------------- Yesterday: Shortly after the U.S. markets opened, shares of Fannie (FNM) jumped as much as 32%, while shares of Freddie (FRE) jumped 26% higher. By early afternoon, they had fallen deeply into negative territory before rebounding a bit at the end of the day. Fannie ended the day down 5% while Freddie closed with an 8% loss. .................................................. .................................................. .. Futures for August GOLD delivery rose $9.10, or 0.9 percent, to $982.80 on the Comex division of the New York Mercantile Exchange .................................................. .................................................. .... The nation’s banks are in far less danger than they were in the late 1980s and early 1990s, when more than 1,000 federally insured institutions went under during the savings-and-loan crisis. The debacle, the greatest collapse of American financial institutions since the Depression, prompted a government bailout that cost taxpayers about $125 billion. But the troubles are growing so rapidly at some small and midsize banks that as many as 150 out of the 7,500 banks nationwide could fail over the next 12 to 18 months, analysts say. Other lenders are likely to shut branches or seek mergers. .................................................. ............................................ Indeed, with oil topping $100 per barrel, expect power industry jobs to explode in the next 10 years. |
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| Guess I'll predict a bounce and go with UP today although I'm not very confident and usually I'm completely wrong anyway NEW YORK (CNNMoney.com) -- U.S. stock futures tumbled Wednesday, ahead of a slew of economic reports and Federal Reserve Chairman Ben Bernanke's second day of testimony before Congress. At 7:07 a.m. ET, Nasdaq and S&P futures were lower, with a comparison to fair value suggesting losses at the start of trading. Stocks ended a volatile session mixed Tuesday as fears about the financial sector were balanced by a steep drop in oil prices. The Dow Jones industrial average finished the session at a near two-year low. Bernanke testimony Bernanke is due to appear before the House Financial Services Committee at 10 a.m. ET. On Tuesday, the Fed chief rattled markets after saying the housing finance crisis and soaring energy costs would hurt economic growth. Bernanke's second day of testimony comes ahead of the release of the minutes from the Fed's June 24-25 meeting, which are due out at 2 p.m. ET. Energy Oil prices extended the previous session's losses, falling $1.84 to $136.90 in electronic trading on Wednesday. Crude futures tanked Tuesday, plunging more than $6 a barrel - the biggest one-day drop in 17 years. The U.S. Department of Energy is due to release its weekly report on crude inventories at 10:35 a.m. ET. Economy A key reading on inflation, the Consumer Price Index, is due out at 8:30 a.m. ET. A report on capacity utilization and industrial production also will be released before the market open. Earnings Solid profit gains at chipmaker Intel (INTC, Fortune 500) may give tech shares a boost. Intel reported a 25% jump in quarterly profit late Tuesday, topping Wall Street's estimates. Delta Air Lines, Inc. (DAL, Fortune 500) is set to release earnings at 8:30 a.m. ET. Analysts polled by Thomson expect earnings of 10 cents a share for the second quarter, an 86% drop compared to the year-ago period. Online auction site eBay (EBAY, Fortune 500) is scheduled to publish earnings after the market close Wednesday, and is expected to see second quarter revenue growth of 21% to 41 cents per share. Financials Banking shares will be closely watched amid the turmoil surrounding mortgage finance firms Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500). Wells Fargo (WFC, Fortune 500) is due to report earnings before the market open. Other markets In Asia, stock markets ended mixed. European stocks sank in morning trading. |
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| BG, Quite a wild ride yesterday. Really not looking for a very good day today. Dunkguy, Practice makes perfect. I found that the more I guessed, the better I got at guessing. Although, somedays, it seemed like I couldn´t buy a correct guess. .................................................. ............................................ from yahoo.com "concerns that a slowing economy will dampen demand. Light, sweet crude fell $2.22 to $136.52 in premarket electronic trading on the New York Mercantile Exchange". Maybe we´re finally seeing a short term top in oil as more evidence of the slowing global economies comes in. The oil inventories number should give us a good clue. Not really expecting good numbers, especially on the inflation front. Have a host of econmic reports today. Economic Reports: Core PPI 8:30 am (Eastern) PPI 8:30 am (Eastern)......+1.1% the biggest jump in 26 years New Foreign Purchases 9:00 am (Eastern) Capacity Utilization 9:19 am (Eastern) Industrial Production 19:15 am (Eastern) Crude Inventories 10:30 am (Eastern) FOMC Mintues 2:00 pm (Eastern) Going with DOWN on Hump Day. gl, baz .................................................. ........................ WASHINGTON - A soured public has given President Bush and Congress record low approval ratings in the latest Associated Press-Ipsos poll, underscoring the toll taken by fretful economic woes and long-lasting wars in Iraq and Afghanistan. This could be considered good new for Obama, bad news for McCain and incumbents. 5-Strategies-for-Surviving-Tough-Times: Personal Finance News from Yahoo! Finance |
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