Stocks poised for lower open

@CNNMoneyInvest July 9, 2012: 9:16 AM ET
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NEW YORK (CNNMoney) -- U.S. stocks were poised to open lower Monday as investors remained wary ahead of quarterly corporate results and another eurozone meeting.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were down between 0.3% and 0.4%. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

Aluminum producer and Dow component Alcoa (AA, Fortune 500) becomes the first company to report its second-quarter results after Monday's close. Results are due later in the week from search giant Google (GOOG, Fortune 500) and banking leaders JPMorgan (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500).

Overall, analysts are expecting underwhelming corporate results, with earnings dropping off compared to the first quarter.

Finance ministers from eurozone countries are starting a two-day meeting Monday to try to hammer out details about how money from the European Stability Mechanism can be used to bail out troubled banks in struggling eurozone nations.

Early Monday, the yield on the 10-year Spanish bond rose above 7% yet again -- a level that Spain's prime minister has previously called unsustainable.

Investors seeing bond rates rise and markets fall have reason to remain jittery, said Ryan Larson, head of equity trading at U.S. RBC Global Asset Management in Chicago.

"While we've seen some positive steps in Europe, a lot of these steps address short-term problems," Larson said. "There's continued nervousness in the global marketplace because there's a sense these are short-term fixes at best."

Meanwhile, China's consumer price index rose at a modest 2.2% annual rate in June. The lower inflation rate serves as yet another signal of a global slowdown.

U.S. stocks fell Friday following a weaker-than-expected monthly jobs report. The U.S. economy added just 80,000 jobs in June, not enough to keep up with population growth.

World markets: European stocks were mixed in midday trading. Britain's FTSE 100 (UKX) shed 0.2%, the DAX (DAX) in Germany rose 0.1% and France's CAC 40 (CAC40) slipped 0.1%.

Asian markets reacted to the U.S. jobs report and global growth concerns, ending Monday in the red. The Shanghai Composite (SHCOMP) tumbled 2.4%, while the Hang Seng (HSI) in Hong Kong dropped 1.9% and Japan's Nikkei (N225) fell 1.4%.

Economy: The Federal Reserve will release data on consumer credit for May at 3 p.m. ET. Analysts surveyed by Briefing.com expect consumer credit to have expanded by $9.5 billion for the month, after growing by $6.5 billion in April.

Companies: Shares of health care provider Amerigroup (AGP, Fortune 500) soared 40% in premarket trading after the company announced it would be acquired by WellPoint (WLP, Fortune 500) for $4.9 billion. The deal comes less than a month after last month's U.S. Supreme Court health reform decision, which will change the landscape of the country's health care system.

After the closing bell, analysts surveyed by Thomson Reuters expect Alcoa to report earnings of 5 cents a share, down from 32 cents a year earlier, on $5.8 billion in revenue.

Currencies and commodities: The dollar fell against the euro, British pound and Japanese yen.

Oil for August delivery rose 68 cents to $85.13 a barrel.

Gold futures for August delivery rose $6.50 to $1,585.40 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.53% from 1.54% late Friday.  To top of page

Index Last Change % Change
Dow 18,081.81 57.64 0.32%
Nasdaq 4,786.71 21.29 0.45%
S&P 500 2,087.05 4.88 0.23%
Treasuries 2.29 0.03 1.51%
Data as of Dec 24
Company Price Change % Change
Bank of America Corp... 18.04 0.12 0.64%
Gilead Sciences Inc 92.34 2.89 3.23%
General Electric Co 25.71 -0.17 -0.66%
Cisco Systems Inc 28.57 0.32 1.13%
Apple Inc 112.22 -0.32 -0.28%
Data as of Dec 24
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.95%4.01%
15 yr fixed3.10%3.12%
5/1 ARM3.09%3.11%
30 yr refi3.97%4.04%
15 yr refi3.14%3.15%
Rate data provided
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