Prior to opening bell this morning, stock futures were set for the lower open.
The Dow Jones Industrial Average futures were red by just over 1 percent and the
Nasdaq and S&P 500 futures were posting even lower. Investors on Wall Street
prepared to open the week by continuing to experience the fall out from last
Fridays negative jobs data. In addition to the pressure stemming from the
negatively skewed jobs data, the market will also feel the weight of the
eurozone crisis relating to sovereign debt problems and stability of banks in
Europe. European shares dropped off again today as investors worry that the debt
problems may affect other eurozone nations besides Greece. As trading reached
the mid-day mark in the U.S., the primary indices were still trending in the
red. The Dow Jones Industrial Average was lower by 1.91 percent at 11,041 at
this point. The Nasdaq was lower by 1.56 percent at 2,442 and the S&P 500 was
red by 1.73 percent at 1,154. The ISM report today posted and was a relative
bright spot. The Institute for Supply Managements services report notched higher
over Julys reading. The August reading posted at 53.3 which was better than
expected. The dollar dropped to the euro today and gold prices are still
trending in the green. Frank Matto
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