Stocks set to slide ... again

By CNNMoney.com staff


NEWYORK(CNNMoney.com) -- U.S. stocks were set to open lower as investors continue to be rattled by Europe's ongoing debt problems.

Dow Jones industrial average, S&P 500 futures and Nasdaq 100 futures were narrowly higher.

Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins.

U.S. stocks extended losses and a key measure of volatility on Wall Street hit a more than three-month high Wednesday amid signs of a deepening crisis in Europe.

Concerns about the situation in Europe remain in focus, with the European Central Bank holding a regularly scheduled meeting Thursday. But investors may also be ready to mount a rebound of sorts after incurring such heavy losses in recent days.

"Along with the concerns about Greece, Spain and Portugal, we have some heavy economic news out today and tomorrow here in the U.S.," said Mark Luschini, chief investment strategist at Janney Montgomery Scott.

He added that the market's tone improved in the final hours of trading Wednesday, with stocks cutting losses significantly, and that "some of the rally late yesterday has spilled over to today."

"If we get good to better-than-expected economic news, you could see stocks continue to move higher," said Luschini.

Economy: The Labor Department reported that the number of Americans filing first-time claims for unemployment benefits fell to 444,000 last week. That compares with the 440,000 estimated by economists and a revised 451,000 from the week before.

The report comes one day before the government's closely watched monthly jobs report, which is forecast to show employers grew payrolls by 187,000 jobs in April, after a gain of 162,000 in March. The unemployment rate is expected to hold steady at 9.7%.

April same-store sales were due out from retailers through the morning.

A report on U.S. productivity showed modest gains in the first quarter, rising 3.6%.

Companies: Freddie Mac (FRE, Fortune 500) reported an $8 billion quarterly loss Wednesday and said that it needs another $10.6 billion from the federal government.

World markets: The FTSE 100 edged higher as polls opened for the general election in the United Kingdom. The DAX in Germany and France's CAC 40 also rose.

Asian markets tumbled. Japan's benchmark Nikkei index plunged 3.3% as investors, returning from a lengthy holiday, finally had the opportunity to react to the latest in the European debt crisis. The Shanghai Composite dived 4.1% and the Hang Seng in Hong Kong tumbled about 1%.

Other markets: The dollar continued to rally versus the euro, with the shared currency falling to $1.2737 - its lowest level since March 2009. The dollar also gained against the pound and yen.

The price of oil was up 11 cents to $80.07 a barrel. Gold prices rose $9.90 to $1,184.90 an ounce.

Treasury prices fell, with the yield on the 10-year note at 3.58%. To top of page

Just the hot list include
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.93%4.03%
15 yr fixed3.22%3.27%
5/1 ARM3.87%3.80%
30 yr refi3.94%4.04%
15 yr refi3.22%3.27%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 26,089.61 -17.16 -0.07%
Nasdaq 7,796.66 -40.47 -0.52%
S&P 500 2,886.98 -4.66 -0.16%
Treasuries 2.09 0.00 0.10%
Data as of 12:34am ET
Company Price Change % Change
Advanced Micro Devic... 30.36 -1.03 -3.28%
Bank of America Corp... 28.04 0.10 0.36%
General Electric Co 10.23 -0.08 -0.78%
Cisco Systems Inc 54.75 -1.42 -2.53%
Ford Motor Co 9.98 -0.08 -0.80%
Data as of Jun 14

Sections

Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More

Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.