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Futures indicate big early sell-off on the heels of Friday’s consumer confidence number.
Beth Gaston Moon is the Senior Editor for the Options News Network. Beth was a member of the research department at Schaeffer's Investment Research for more than a decade. August 17, 2009 7:37 EDT Related Symbols: LOW, LVS, MGM, SPX, SPY
S&P futures are currently down 20.60 to 985, plunging to July levels. The S&P closed Friday night at 1,004.09. Fair value basis is negative 1.66, so fair value of the futures is roughly 1,002.43. Overnight range was 980.5 to 1,003.90.
The worse-than-expected consumer sentiment report released Friday could be taking a toll on wary investors at the beginning of this week, suggesting recovery is farther away than many analysts in the market claim.
Ahead of the bell, Lowe’s Cos. (LOW) announced a 19% drop in sales during the second quarter, and earnings per share of 51 cents. The home-improvement retailer missed analysts’ EPS estimates by three cents. LOW shares are currently down $2.37 in pre-market trading to $20.46.
Meanwhile, MGM Mirage (MGM) and Las Vegas Sands (LVS) are posting steep losses in pre-market activity, down 7.5% and 7%, respectively.
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