Good morning. Premarket futures are up as
speculation intensifies that the Fed will come in with emergency action before next week.
As hedge funds reel from margin calls and the FBI opens up an investigation of Countrywide Financial (CFC), we don't have a lot of positives or new data to work from. Along with sizeable losses in overseas (especially in China ahead of their own CPI report tomorrow), commodities are also under pressure (metals & oil). The one piece of good news comes from McDonalds (MCD) who reported strong worldwide sales.
Premarket gainers: SPPI, SEED, NLY, TSRA, MCD, TCM, ACLS, SOLF, FSLR, and ANGO.
Premarket losers: KERX, TMA, ABK, CRAI, LVLT, CFC, CRIS, CIEN, MICC, GOLD, and ARRS.
This week’s calendar is fairly light with the market mainly looking ahead to next Tuesday’s FOMC meeting. According to Fed Funds futures, the market is now fully discounting a 75 bp rate cut to 2.25% at next week's meeting. We also have the Texas Instruments (TXN) mid-quarter update later today.
Let's make it a great week!
