Futures are pointing to a lower open in New York. The Dow and S&P 500 are off 0.9% on Globex and the NASDAQ is 0.7% below fair value. The major averages are poised to extend last weeks losses. Chinese liquidity and growth concerns are weighing on investors as several brokerage houses reduced their growth forecasts for the worlds second largest economy after benchmark money-market rates climbed to a record level last week. Commodity related stocks could be active in todays action as crude oil is lower by 0.2% to $93.55 per barrel and gold continues to slide, down 0.8% to $1282 an ounce. Shares of Apache are giving up 1.1% in pre-market action and Freeport-McMoRan is off 2.3%. In other news, Vanguard Health Systems is rallying 66.3% on news that the company was being acquired by Tenet Healthcare in a deal valued at $4.3 billion. Shares of Tenet are also up on the news, advancing 4.5%. Also on the M&A front, Vodafone is down 0.3% in London trading after announcing plans to purchase a German cable operator for $10 billion. Turning to fixed income markets, Treasuries are lower along the curve. The benchmark 10-year note is down 25/32 to yield 2.64% and the 30-year bond is off 7/16 of a point to yield 3.62%.
Benjamin J. Chuckrow
Senior Vice President " Investments
Wells Fargo Advisors
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Saratoga Springs, NY 12866
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This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.
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