Earnings season coupled with the IMF sounding the growth alarm has stock futures drifting an hour before the open. Escalating tensions between Turkey and Syria are also causing investors to pause. Alcoa’s earnings after the bell will be the tone setter for the rest of the week. The Dow is slightly negative, while the S&P and Nasdaq are each posting small gains in the pre-market session.
The IMF’s global growth report slashed forecasts for 2012 and 2013. It also included the warnings that growth would further be hampered unless the US gets a hold of the impending fiscal cliff and the EU get its act together in regards to the ever present debt crisis.
Stocks in Europe were edging lower on due to a meeting in Luxembourg by EU finance officials. Some investors are wondering if Spain will submit a formal bailout request today. Most observers think that is unlikely though SPain’s cash position is tenuous at best.
In commodities, gold and oil are both higher in morning trading. Oil is riding the geopolitical tensions out of the middle east and is up a dollar a barrel to just over $90. Gold futures are essentially flat, up ninety cents to %$1776.60 per ounce. [Read more...]
