Tue, November 30, 2010
Business > Markets

Wall Street set for lower open

2010-11-30 12:03:44 GMT2010-11-30 20:03:44 (Beijing Time)  SINA.com

LONDON – U.S. shares were set for a lower open on Tuesday, as euro zone debt worries persisted, and ahead of key data that will indicate the strength of the recovery in the world's biggest economy.

At 0951 GMT, futures for the Dow Jones, S&P 500 and Nasdaq were down between 0.2 and 0.5 percent.

The FTSEurofirst 300 (.FTEU3) index of leading European shares was up 0.1 percent, having hit its lowest close in nearly eight weeks in the previous session, as investors worried about sovereign debt levels in the euro zone peripheral countries.

The euro skidded to 10-week lows against the dollar on Tuesday after a rescue package for Ireland failed to dampen speculation that other bailouts will be needed in the euro zone.

The Conference Board's index of consumer attitudes for September is expected to show a steady, if plodding improvement, with the average of 60 analysts Reuters polled calling for a rise to 52.6, from 50.2 in October and a revised 48.6 in September. U.S. consumer confidence has been picking itself up from historically low levels, where it has been hostage to weak labor markets.

Also due is the S&P Case Shiller report on prices in 20 major U.S. real estate markets, which is expected to show a 1.1 percent rise from a year ago. On a month-by-month basis though, prices are expected to have stayed soggy, slipping 0.3 percent the same rate of decline as was seen in August.

U.S. stocks fell on Monday but finished well off their lows of the day as the dollar retraced some of its earlier gains and energy and financial stocks rallied late in the session.

The Dow Jones industrial average (.DJI) dropped 0.4 percent; the Standard & Poor's 500 Index (.SPX) fell 0.1 percent; the Nasdaq Composite Index (.IXIC) lost 0.4 percent.


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