- Before the bell: S&P futuresc -2.0, Nasdaq futures 0.00
Market news
13 September 2011
Before the bell: S&P futuresc -2.0, Nasdaq futures 0.00
U.S. stock-index futures resumed declines after a spokesman for French President Nicolas Sarkozy rejected reports of a new French-German initiative to resolve the Greek debt crisis.
Early morning strength in crude oil has extended into early pit trade, giving the energy component a 1.6% gain at $89.60 per barrel. Gold prices are up 0.9% to $1829 per ounce
Company news:Shares of Bank of America BAC closed +1% after CEO Brian Moynihan told investors the company will seek $5B in annual cost cuts (about 18%) and slash 30K jobs. Moynihan was non-committal on pushing Countrywide into bankruptcy, and had "nothing new" to say about mortgage settlement talks. BAC -2.3% premarket.
Sources say Microsoft (MSFT) will likely raise its dividend 19% as early as this week - a disappointment to investors who want the tech giant to share more of its $52.8B cash hoard with shareholders.
At 1800GMT, the US Treasury is expected to post a $130.0 bn budget gap in August.Market Focus
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