Stocks set to fall

By CNNMoney.com staff


NEW YORK (CNNMoney.com) -- U.S. stocks were poised to fall Monday, a day devoid of economic reports, after Asian markets took a dive.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were all about 0.3% lower in pre-market trading.

Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins.

"Volatility is going to be the name of the game," said Peter Cardillo, chief market economist at Avalon Partners. "Until the euro stabilizes, we'll probably stay bounce around this trading range."

As European debt concerns continue to weigh, the euro fell to four-year lows below $1.23 early Monday before the shared currency recovered some losses.

"This is a market that will continue to track what's happening in Europe," Cardillo said.

U.S. stocks slumped Friday, with the Dow, S&P 500 and Nasdaq all lower. The decline came after a rally earlier in the week had lifted stocks 5%. Despite the Friday drop, the three major indexes finished higher for the week.

Companies: General Motors posted its first quarterly profit in nearly three years, earning $865 million on revenue of $31.5 billion.

Lowe's (LOW, Fortune 500) beat expectations with 2.7% profit, boosted by higher demand for big-ticket items.

World markets: In morning trading in Europe, France's CAC 40 was up 0.3%, Germany's DAX gained 1.1% and Britain's FTSE 100 was 0.9% higher.

Asian markets finished the session lower. The stock declines were led by China, where the Shanghai Composite sank 5.1%. Japan's Nikkei closed 2.2% lower and the Hang Seng in Hong Kong tumbled 2.5%.

Dollar and commodities: The dollar was up 0.2% against the euro and 0.8% on the British pound. The greenback was down 0.2% versus the Japanese yen.

U.S. light crude oil fell 37 cents to $71.23 a barrel. COMEX gold for June delivery was up $2.20 to $1,230 per ounce.

Bonds: Treasury prices were mixed early Monday. The price was down on the benchmark 10-year note, driving up the yield to 3.46%. Bond prices and yields move in opposite directions. To top of page

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Index Last Change % Change
Dow 32,627.97 -234.33 -0.71%
Nasdaq 13,215.24 99.07 0.76%
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Treasuries 1.73 0.00 0.12%
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Company Price Change % Change
Ford Motor Co 8.29 0.05 0.61%
Advanced Micro Devic... 54.59 0.70 1.30%
Cisco Systems Inc 47.49 -2.44 -4.89%
General Electric Co 13.00 -0.16 -1.22%
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