Investors weigh fresh fears about Greece

October 3, 2011: 8:43 AM ET

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NEW YORK (CNNMoney) -- U.S. stocks are poised for a weak open on the first trading day of the fourth quarter as investors remain unnerved about Greece and a slowing global economy.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP)futures were all between 0.6% to 0.9% lower ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

Investors are watching closely as Greece attempts to deal with its debt crisis. Greece has slashed spending, reduced wages and raised taxes in an attempt to bring its debt under control.

But even still, the debt-ridden nation will miss key deficit targets for this year and next, according to the draft budget announced by the Greek cabinet late Sunday.

There isn't a whole lot of optimism that Greece will pull though. Out of 22 economists surveyed by CNNMoney, almost all of them believe Greece will default on its debt by the end of next year.

Europe's debt crisis: Complete coverage

Stocks were hammered Friday, with all three major stock indices shaving more than 2%, as investors remain worried about the debt crisis in Europe and the outlook for global economic growth.

The losses capped the biggest quarterly drop for the S&P 500 and the Nasdaq since the fourth quarter of 2008.

In addition to fretting over the sovereign debt crisis in Europe, investors are anxious about slowing economic activity in the United States and around the world.

The Federal Reserve and the International Monetary Fund both warned of increasing risks to the global economic recovery.

World markets: European stocks were sharply lower in mid-day trading. Britain's FTSE 100 (UKX) fell 1.3%, the DAX (DAX) in Germany tumbled 2.3% and France's CAC 40 (CAC40) dropped 2.4%.

Asian markets also ended lower. The Hang Seng (HSI) in Hong Kong plunged 4.4%, while Japan's Nikkei (N225) shed 1.8%. The Shanghai Composite (SHCOMP) is closed this week for holiday.

Economy: Investors will get the Institute for Supply Management's August manufacturing index, as well as construction spending figures from the Commerce Department.

Economists expect the September ISM index will fall to a reading of 50.5, from last month's 50.6. Construction spending figures are expected to decrease 0.5% -- coming in above last month's 1.3% decrease.

Major auto manufacturers will also report auto sales for September at 3 p.m.

Companies: Shares of Eastman Kodak (EK, Fortune 500) surged more than 40% in premarket trading Monday, after plunging almost 60% Friday. Rumors swirled that the camera maker had hired a law firm for advice on a major restructuring or bankruptcy filing. The company later denied that it is planning bankruptcy moves.

Jack Ma, the CEO of Chinese Internet conglomerate Alibaba Group, said Friday that his company would be "interested" in buying all of struggling online media firm Yahoo (YHOO, Fortune 500). Early Monday, Disney (DIS, Fortune 500)-owned ABC News announced a content tie-up with Yahoo. Shares of Yahoo rose almost 6% in premarket.

Apple's new CEO, Tim Cook, will take the stage at the Town Hall auditorium on Apple's (AAPL, Fortune 500) Cupertino, Calif., campus Tuesday to unveil the new iteration of the iPhone. Rumors are swirling over whether there will be one new iPhone or two.

Currencies and commodities: The dollar gained against the euro and the British pound, but lost ground against the Japanese yen.

Oil for November delivery lost $1.05 to $78.15 a barrel.

Gold futures for December delivery rose $39.40 to $1,661.70 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury edged up slightly, pushing the yield down to 1.89%.  To top of page

Index Last Change % Change
Dow 32,627.97 -234.33 -0.71%
Nasdaq 13,215.24 99.07 0.76%
S&P 500 3,913.10 -2.36 -0.06%
Treasuries 1.73 0.00 0.12%
Data as of 6:29am ET
Company Price Change % Change
Ford Motor Co 8.29 0.05 0.61%
Advanced Micro Devic... 54.59 0.70 1.30%
Cisco Systems Inc 47.49 -2.44 -4.89%
General Electric Co 13.00 -0.16 -1.22%
Kraft Heinz Co 27.84 -2.20 -7.32%
Data as of 2:44pm ET
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
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