The Dow and S&P 500 are trending slightly lower this morning as investors take a wait and see approach ahead of Alcoa’s earnings. The Nasdaq is down nearly 1% as Apple drops 1.5% after Nomura initiated coverage with a neutral rating and a $710 price target. Investors are also on edge this week after the IMF lowered its global growth forecast to 3.3% for 2012, the slowest forecast since 2009. The IMF also warned politicians in the U.S. and Europe that failure to address their respective economic problems would extend slower growth even further.
The major stock averages are negative this morning with the Dow off 5 points, the Nasdaq down 23 points and the S&P 500 down 3 points. [Read more...]