Stock futures indicated a lower opening on Wall Street Tuesday, as investors sought more safe-haven assets like the dollar and Treasurys.
The dollar gained ground against other major currencies, while bond prices rose. Commodities fell as the dollar rose. A stronger dollar makes commodities more expensive for buyers overseas, and also hurts profits at companies that have large international operations.
Overseas markets were lower following more signs of economic struggle. Japan’s government announced $81 billion of new stimulus measures to keep its economy from slipping back into recession, while reports showed British manufacturing and consumer spending remains in a slump.
A disappointing earnings outlook from Dow Jones industrials component 3M Co. also weighed on U.S. stock futures.
After the massive rally in stocks and commodities this year, investors are now looking for clues on where the economy is headed in 2010 and how best to position their portfolios for next year.
At the same time, many investors have already closed their books for the year, not wanting to lose the gains they’ve amassed since the stock market’s rally began in early March. The Standard & Poor’s 500 index is up 63.1 percent since then. Light trading volume can lead to swings in the market.
With little economic data to drive trading, the market is likely to seesaw as it did on Monday. Reassurance from Federal Reserve Chairman Ben Bernanke that interest rates will remain low for some time to support an ongoing recovery gave the market a boost. But stocks failed to hold on to the gains and finished the day little changed.
Despite the Fed’s pledge to keep interest rates low, investors still believe that as the economy improves, rates could rise from their current level of near zero sooner than expected. Higher rates would make the dollar and Treasurys more attractive and could potentially put a dent in the stock market’s rally. The stronger dollar on Tuesday is an indication that investors are betting on higher rates. Hard money training.
Tags: dow jones, Federal Reserve, investors, recession, stock futures, wall street
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