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PrintStocks head for mixed open ahead of economic data
Mon Oct 27, 2008 6:59 AM EDT
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Wall Street started November on a tentative note Monday, with stock futures trading mixed ahead of readings on manufacturing activity, construction spending and auto sales.
Investors are prepared for the day's reports to support the growing belief that the economy is in recession and getting slammed hard by the recent freeze-up in credit. The question is whether the data will indicate the economy is in even more dire shape than the Dow Jones industrial average has priced in after tumbling more than 14 percent in October — its worst month in 21 years.
The Institute for Supply Management is expected to report that the manufacturing sector contracted in October faster than it did in September, while the Commerce Department is expected to report that construction spending dropped 0.8 percent in September following a flat reading for August, according to economists surveyed by Thomson/IFR.
Analysts are also anticipating extremely weak vehicle sales figures from the auto industry for October — even more anemic than in September, when automakers said fewer than 1 million vehicles were sold for the first time in 15 years.
Dow futures rose 6, or 0.06 percent, to 9,304. Standard & Poor's 500 index futures fell 0.40, or 0.04 percent, to 966.90, while Nasdaq 100 index futures rose 1.50, or 0.11 percent, to 1,338.50.
Trading is expected to be light Monday, with many investors sitting on the sidelines ahead of Tuesday's presidential election. Many analysts have said that in general, neither candidate is more favored than the other on Wall Street, but investors are eager to put the uncertainty behind them.
Last month, for all its problems, did end with a positive tone, as the stock market appeared to be stabilizing thanks in large part to weeks of gradual improvement in the tight credit markets, but also because mutual funds were finished with selling at the end of their fiscal year. The Dow added 11.3 percent last week, its best weekly performance in 34 years, while the S&P 500 index climbed 10.5 percent.
On Monday, the dollar was lower against most other major currencies, while gold prices rose.
Light, sweet crude fell 54 cents to $67.27 a barrel in premarket electronic trading on the New York Mercantile Exchange.
Overseas, Britain's FTSE 100 rose 0.73 percent, Germany's DAX index rose 0.62 percent, and France's CAC-40 advanced 1.45 percent. Hong Kong's Hang Seng Index climbed 2.7 percent. Japan's stock market was closed for a holiday.
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 | Stocks end Oct. with worst performance in 21 years | Associated Press | Fri Oct 31 | 2 |
 | Stocks carve out early rebound after selloff: Financial News - Yahoo! Finance | Yahoo! Finance | Tue Oct 28 | 0 |
| Asian stock markets mixed ahead of US election | Associated Press | Tue Oct 28 | 0 |
| Japan, Hong Kong stock markets rebound | Associated Press | Tue Oct 21 | 3 |
| Fed cuts key interest rate half-point to 1 percent | Associated Press | Sun Oct 26 | 5 |
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{"commentId":3713747,"authorDomain":"justinpm"}
It's bad when you see a facepalm on the front page. And I hate myself for saying it.
The humanity.
{"commentId":3713747,"threadId":"400193","contentId":"2043292","authorDomain":"justinpm"}
- 5 votes
#1 - Mon Oct 27, 2008 8:31 AM EDT{"commentId":3714685,"authorDomain":"justinpm"}
Although upon further review that might be a head palm. The deliriousness of my fatigue makes me think strange.
{"commentId":3714685,"threadId":"400193","contentId":"2043292","authorDomain":"justinpm"}
{"commentId":3713851,"authorDomain":"ghetto-otaku"}
It ain't what the numbers that i'm afraid of....
It's what's happening around us because of those numbers.....
People, we are going to lose so much (ex. companies/jobs/money/food/work/homes...) when the dust clears....
{"commentId":3713851,"threadId":"400193","contentId":"2043292","authorDomain":"ghetto-otaku"}
- 5 votes
#2 - Mon Oct 27, 2008 8:42 AM EDT{"commentId":3726369,"authorDomain":"jms2qc"}
Not just here but globally. Thanks America...
{"commentId":3726369,"threadId":"400193","contentId":"2043292","authorDomain":"jms2qc"}
{"commentId":3713925,"authorDomain":"USA1"}
this is the best time to buy, stocks are bottoming and in a few months the DOW should level at 7200. I know there are claims of a 5000 DOW but even if this happens it will go to and stay at 7200 for the next 5 quarters with a fluctuation factor of 30 percent.
Same thing happened in the 60s 70s 80s and 90s, the big diference now is the overvalued, and oversold shares. Volume is at historic highs, and with high risk investments and speculations, has caused this down turn.
After the market settles and losses are determined, every thing should go back to normal. Normal being 7200 and company asset values reflecting near factual balances
{"commentId":3713925,"threadId":"400193","contentId":"2043292","authorDomain":"USA1"}
- 2 votes
#3 - Mon Oct 27, 2008 8:51 AM EDT{"commentId":3713970,"authorDomain":"ghetto-otaku"}
I hope so....
I'm tired of seeing that unemployment line on the way to the bus stop.... It's getting longer and longer every week....
{"commentId":3713970,"threadId":"400193","contentId":"2043292","authorDomain":"ghetto-otaku"}
- 2 votes
{"commentId":3714071,"authorDomain":"USA1"}
I am an electrician, and I haven't had a full six months of work in the last two years. Only thing I could do is make the best of this sad situation and hope that I can ride it out
{"commentId":3714071,"threadId":"400193","contentId":"2043292","authorDomain":"USA1"}
- 2 votes
{"commentId":3717832,"authorDomain":"JoulesBeef"}
LOL the problem isnt the stock market
the problem isnt the value of the stocks
the problem si the banks wont lend investers and start ups and busienses money..
banks have taken our bailout capital and instead of using it to lend, they are saving it incase tiems get rougher.. as capital and not as somethign to lend
The problem is bush and paulson keep trying to do some sorta strange free market socialism.
they are giving the banks the money wihtout rules like "you cant keep this you go to lend it out"
It's going to get bad.. but screw the market.. the market is juts a thermometer but has littel to do witht he problem.
{"commentId":3717832,"threadId":"400193","contentId":"2043292","authorDomain":"JoulesBeef"}
{"commentId":3713938,"authorDomain":"yogibp"}
Lives are being ruined by the thousands!! The benefactors of the CD swaps game (AIG, Lehman Bros., etc., etc., etc.) should be lined up, horsewhipped and sent to exile @ devil's Isle! Small satisfaction, but satisfaction nonetheless!!
Oh, and Barney Frank should be investigated and charged with complicity in this debacle for his associations and inside influence in FannieMae/FreddieMac. Those ARM mortgages given to anyone asking were the beginning of this mess. And Deval Patrick, Governor of Mass. What's his connection to the mortgage market before he became governor?? They're all crooked!!
Yes!! I'm angry as *%$#@^&+??! Arrrgh!!
{"commentId":3713938,"threadId":"400193","contentId":"2043292","authorDomain":"yogibp"}
- 3 votes
#4 - Mon Oct 27, 2008 8:53 AM EDT{"commentId":3714007,"authorDomain":"ghetto-otaku"}
Try "tens of thousands".....
Everyday that number falls, people find pink slips on their locker/desk/paychecks.....
{"commentId":3714007,"threadId":"400193","contentId":"2043292","authorDomain":"ghetto-otaku"}
- 2 votes
{"commentId":3718163,"authorDomain":"JoulesBeef"}
Bill I suggest you google
Bushs American Dream Down Payment Initiative..( this was designed to give the poor no money down morgages and was passed in 2004 by bush and the gop 109th.. you really dont get true history from that cra video)
google the cra changes of 2005(in the back ground of that cra video you can see, clinton left a poison pill in his changes that required bush to relook at the cra. in 2001, bush made changes in 2005.. sure dems complained but bush and the gop were in control.. so bush got his changes)
google deratives and warran buffet and wmd(caled teh sub prime derivatives as economic WMDS and he was right we are in the aftermath)
Google bush and "creative packaging"
hjere is a nice speeach of bush's from 02 where he states his goal of 5.5million new homeowners by 2010.. POOR PEOPLE.. who could NOT afford their loans.
not sayign barney didnt have anythign to do with it.. but google for your self.. reasearch for your self.. and quit takign talking points so seriously.
the little videos aren not the truth.
Youtube is not an encyclopedia.
{"commentId":3718163,"threadId":"400193","contentId":"2043292","authorDomain":"JoulesBeef"}
{"commentId":3714362,"authorDomain":"rogerjun2"}
Golly Gee, Dems in Congress now want to tax 401K's and other retirement accounts. And maybe even take them over. Why? Because they want to tax and spend and they figure Obama is in so they are talking about how much more they can take from Americans.
You people better think about what you're doing!! Do you really want your retirement taken over by the government? Do you really want your retirement accounts taxed now and again when you start withdrawing?
You put Obama in and Congress calls it a mandate to take everything from you!!!!!!!!!!!!!!!
{"commentId":3714362,"threadId":"400193","contentId":"2043292","authorDomain":"rogerjun2"}
- 2 votes
#5 - Mon Oct 27, 2008 9:29 AM EDT{"commentId":3714433,"authorDomain":"ghetto-otaku"}
this is weird to me.....
I keep hearing retirement (401K), but me and a large number of people in my income bracket don't have one either....
We'll just keep working at Mc job, and be protected from the market.....
{"commentId":3714433,"threadId":"400193","contentId":"2043292","authorDomain":"ghetto-otaku"}
- 2 votes
{"commentId":3714467,"authorDomain":"maxhousewell"}
Why worry about something that Bush & Company have already wiped out ? The way it is now there won't be any money in 401K's to tax.
{"commentId":3714467,"threadId":"400193","contentId":"2043292","authorDomain":"maxhousewell"}
- 2 votes
{"commentId":3714539,"authorDomain":"ghetto-otaku"}
I guess I should worry though....If noone has money, they can't eat at Mc Job's.....Then i'll be outta work too....But that's a long way down the line...
{"commentId":3714539,"threadId":"400193","contentId":"2043292","authorDomain":"ghetto-otaku"}
{"commentId":3715275,"authorDomain":"alienlife"}
Me and the ex took our money out of the 401k during the divorce...best move we ever made. The rest of my potfolio took a big hit...meaning not much left at all.
McCain say the economy is stable and to have faith in it? Where is he getting his information? It is not the same source as the rest of the nation. At this rate I'm pretty sure I will not be able to retire...just have to drop dead on the job...if I have one.
{"commentId":3715275,"threadId":"400193","contentId":"2043292","authorDomain":"alienlife"}
- 1 vote
{"commentId":3718214,"authorDomain":"JoulesBeef"}
a couple congressmen talking of various economic plans.. is no way suggetsing that any of this will come true. 1000 plans are head in congress before 5pm only a couple actually make it to committee much less onto a bill.
This is more republician nonscence just cause one member of the 500 member house suggested that as a revenue stream... and suddenly the gop has obama signing every tax hike across his desk
{"commentId":3718214,"threadId":"400193","contentId":"2043292","authorDomain":"JoulesBeef"}
{"commentId":3714942,"authorDomain":"susibv"}
Is anyone watching McCain's news conference? Is it me or is he angry..........and like he's ready to punch someone's lights out?
His attitude is not confident or confidence inspiring. He's putting me on edge
{"commentId":3714942,"threadId":"400193","contentId":"2043292","authorDomain":"susibv"}
#6 - Mon Oct 27, 2008 10:09 AM EDT{"commentId":3715139,"authorDomain":"alienlife"}
You just noticed that? Diplomacy is crucial in this next term. I don't think him an Palin are capable of it.
{"commentId":3715139,"threadId":"400193","contentId":"2043292","authorDomain":"alienlife"}
- 1 vote
{"commentId":3716457,"authorDomain":"susibv"}
No no......it's bee obvious.........but during this news conference I swear I saw spittle as he spoke.......he was livid........
the only thing that was missing was a podium a shoe and a bad russian accent.
{"commentId":3716457,"threadId":"400193","contentId":"2043292","authorDomain":"susibv"}
- 2 votes
{"commentId":3718195,"authorDomain":"alienlife"}
GGM-S...lol.
{"commentId":3718195,"threadId":"400193","contentId":"2043292","authorDomain":"alienlife"}
{"commentId":3716904,"authorDomain":"stanton-carol"}
roll back prices, a small economy is better than NO economy.
{"commentId":3716904,"threadId":"400193","contentId":"2043292","authorDomain":"stanton-carol"}
- 1 vote
#7 - Mon Oct 27, 2008 12:04 PM EDT{"commentId":3718328,"authorDomain":"JoulesBeef"}
that is a huge problem.. they say one of the main things that needs to happen is for homeprices to quit falling.. but the problem is.. THEY ARE STILL TOO HIGH..t hats only part of the problem though,..main one is forcing the banks to use the money we gave them to loan.
paulson needs to quick putting up cahs with no rules.. freemarkets dont solve crap.. look at aig they took our moeny and rather than act like the borke company they are.. they went out on major party trips all funded by us and then they are using our money to lobby congressmen to not chaneg the rules too much,
SO we are basically paying to screw ourselves. all cuase bush and paulson dont want to set too many rules.
{"commentId":3718328,"threadId":"400193","contentId":"2043292","authorDomain":"JoulesBeef"}
{"commentId":3716949,"authorDomain":"stanton-carol"}
I heard a while back that they intended to clamp on the 401K' s I guess it was true...they have to dip their greedy hands into everything...I say investigate them all. and put them all in jail and SUE them America
{"commentId":3716949,"threadId":"400193","contentId":"2043292","authorDomain":"stanton-carol"}
- 2 votes
#8 - Mon Oct 27, 2008 12:06 PM EDT{"commentId":3718343,"authorDomain":"JoulesBeef"}
lol yeah i guess it is true cause the gop said it.. right before an election.
LOL
wake up
{"commentId":3718343,"threadId":"400193","contentId":"2043292","authorDomain":"JoulesBeef"}
{"commentId":3717007,"authorDomain":"stanton-carol"}
Do not privitize social security; seniors worked all their live and PAID into it...
they do not want Privitization, they want it stabalized.....make federal employees and all
working people pay into it, no matter how much money they make....fine people who bank overseas. Keep jobs in America and not overseas. Buy American made products....go PRO AMERICA and keep it that way.
{"commentId":3717007,"threadId":"400193","contentId":"2043292","authorDomain":"stanton-carol"}
- 1 vote
#9 - Mon Oct 27, 2008 12:09 PM EDT{"commentId":3718373,"authorDomain":"JoulesBeef"}
every dollar shoudl be taxed for SS.. none of this first 200k crap.
If you make 75k a year you should not be able to collect SS like mccain does and he makes way more than 75k and yet still collects an SS check.. rediculous.
{"commentId":3718373,"threadId":"400193","contentId":"2043292","authorDomain":"JoulesBeef"}
{"commentId":3717025,"authorDomain":"stanton-carol"}
One thing I really believe "Forget Globalization" it will be the ruin of a Good Country, the only one the world has..."AMERICA"
{"commentId":3717025,"threadId":"400193","contentId":"2043292","authorDomain":"stanton-carol"}
- 1 vote
#10 - Mon Oct 27, 2008 12:10 PM EDT{"commentId":3717115,"authorDomain":"sgreenway"}
Don't get out much, do ya...
{"commentId":3717115,"threadId":"400193","contentId":"2043292","authorDomain":"sgreenway"}
{"commentId":3717469,"authorDomain":"yogibp"}
stanton-carol
You're right on!!! Clinton and his asian trade agreements and his NAFTA agreement!!! YUK!!
And your comments re; social security. Hoorah!!
Keep 'em coming!!
{"commentId":3717469,"threadId":"400193","contentId":"2043292","authorDomain":"yogibp"}
{"commentId":3717537,"authorDomain":"sgreenway"}
NAFTA has had near zero effect on jobs. It can actually be attributed to a small net gain in jobs.
{"commentId":3717537,"threadId":"400193","contentId":"2043292","authorDomain":"sgreenway"}
- 1 vote
{"commentId":3717799,"authorDomain":"yogibp"}
BAjunkie,
Try to convince the workers in our border states with Mexico & Canada!! Good luck!!
{"commentId":3717799,"threadId":"400193","contentId":"2043292","authorDomain":"yogibp"}
{"commentId":3718575,"authorDomain":"JoulesBeef"}
well there is one problem with globalization,
everyone on the planet wants to live like americans
they want the american dream
and there is simply not enough resources on this planet for everyone to be americans.
heck there isnt enough copper to just gvie them all electricity.
X /
{"commentId":3718575,"threadId":"400193","contentId":"2043292","authorDomain":"JoulesBeef"}
{"commentId":3717336,"authorDomain":"jaysonj"}
Where's the economic pain?? No really, where is it?
I look around and all I see is business as usual. I have yet to see prices for property and homes being slashed; now sellers want to make a 50% profit as opposed to a 200%+ profit, and that's pain? Traffic is as tight as before;I thought people were staying home on the weekends. Every time I try to get a plumber or electrician to do a bit of work on my house (cash), they're busy. Doing what? Where's the 'stay 3 nights and the 4th is free' hotel deals? A movie ticket here in Chicago still costs $10.50, no discounts. Grocery shopper's carts are still filled to the brim with expensive processed parepared foods. Where is this pain I've been hearing about???? I don't see any retraction.... none.
{"commentId":3717336,"threadId":"400193","contentId":"2043292","authorDomain":"jaysonj"}
#11 - Mon Oct 27, 2008 12:27 PM EDT{"commentId":3717518,"authorDomain":"sgreenway"}
Move to Florida or Cali and see if you have the same experience.
{"commentId":3717518,"threadId":"400193","contentId":"2043292","authorDomain":"sgreenway"}
- 1 vote
{"commentId":3718828,"authorDomain":"JoulesBeef"}
the first places hit are like michigan.
ebay slashed over 1000 jobs.. many companies are doign the same..
just cause you dont notice crap in the lower edges of the economy doesnt mean the flood isnt coming.. it just hasnt trickled down there yet,.
and he is some pie for your noodle
when a plumbing company lays off workers due to lack of business they will still seem busy cause now they have less people to help.. therefore your experiement is not a good economic inidcator.
also many interenet startups have already shut down cause venture capital isnt coming in, leaving their employees job lesss but most of these peopel still have cash for plumbers and stuff.
heck google "lays off" 'cut workers" "cut workforce"
yahoo to cut work force by 10%
micron by 15%
hp by 7.5%
nvidia 7%
ebay 10%
we lost 250k jobs this month alone
and we have just started the cuts.
IF YORU NOT SCARED.. IF YOUR NOT PLANNING TO TIGHTEN YOUR BELT.. YOU ARE NOT PAYIGN ATTENTION
{"commentId":3718828,"threadId":"400193","contentId":"2043292","authorDomain":"JoulesBeef"}
{"commentId":3718272,"authorDomain":"susibv"}
BAjunkie...
I'm orginally from California. In 2006, we moved to Florida. It was a marked difference in the COL for us.....gas was still lower although not by much, food cost was lower, generally speaking everything was lower.
That lasted about 8 months. Then Florida was like California.
Cost of living here is the same.....but my salary is 75% but I'm doing the same thing.
Florida has always been notoriously cost of living generous but salary stingy.......and even now........with the COL the same as it is in SF, LA, NY.......salaries stay the same. I have met people here in the last 2 years that have worked with NO raises in 6 years......and these aren't fly by night jobs.
You want pain? try being 42 and having to co-op with your parents so both families survive. Try not having a 401 anymore, zero savings.......and literally having to live on an allowance and you have a teenager 18 months from going to college.
Feel pain yet?
{"commentId":3718272,"threadId":"400193","contentId":"2043292","authorDomain":"susibv"}
- 1 vote
#12 - Mon Oct 27, 2008 1:15 PM EDT{"commentId":3718659,"authorDomain":"alienlife"}
GGM_S...yes, that's what this is about. I have posted my friends story on other sites one NV. They have Insurance. He makes 100k/year. Nice huh? Not really. My friend has cancer and has survived 8 years. Each year they have less and less the more years she survives. They have lost all their savings, 401k, kids college funds...etc and are trying to sell their home. This is because her insurance rates are over 20k/year...her medical just for this year is 60k and the previous years of treatment have whiped out the rest. These are hard working people with insurance. They have considered divorce...so she can qualify for medical assistance...etc. The working people have no support system...the wealthy do and the really poor. They can't get help until they loose everything...he makes 100k...and still doesn't make enough. They are doing everything they know how just to stay above water. What is one more year of this going to do? These are people who planned their future...didn't over extend...and have a good job.
This is not isolated and is not only because of injury/illness. Many are in similar shoes...unable to retirement/job loss/health issues/cost of living increases and wages not... To me it all boils down to GREED.
{"commentId":3718659,"threadId":"400193","contentId":"2043292","authorDomain":"alienlife"}
{"commentId":3719131,"authorDomain":"sgreenway"}
Exactly my point. The housing crisis struck first and affected those areas most volatile, Cali, FL, NoVA, then due to the collapse investment banks were forced to write down their assets leading to a huge loss of capital and the financial crisis. This stiffened banks lending priorities and we are now seeing the effects on job markets, the macro and global economy, which in turn leads to problems on Main St.
{"commentId":3719131,"threadId":"400193","contentId":"2043292","authorDomain":"sgreenway"}
- 1 vote
{"commentId":3726409,"authorDomain":"jms2qc"}
And sadly it is only the beginning.
{"commentId":3726409,"threadId":"400193","contentId":"2043292","authorDomain":"jms2qc"}
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