Futures Mixed in Monday’s Premarket, AAPL Drags Tech Lower!
Wall Street will look to start the new week on the right note and recovery from last week’s decline. With the economic calendar clear, the Street will look to see some movement on the fiscal cliff front. Substantial negotiations must begin to take place if we hope to have a deal by Christmas. You have to wonder how much the holiday shopping season is being effected by the looming economic disaster. Futures are mixed Monday morning, not straying too far from break even to start the last full week of trading for the year. Futures for the Dow Jones Industrial Average fell 5 points to 13,082, while those for the Standard & Poor’s 500 index rose 0.3 point to 1,409.50. Apple Inc. (AAPL) is once again weighing on the tech heavy Nasdaq, as the stock was downgraded to neutral by Citigroup. Futures for the Nasdaq 100 index fell 8.5 points to 2,614.75.
Wall Street halted its most recent upward move Friday, moving lower on concerns that the clock is ticking on the fiscal cliff. The Dow Jones Industrial Average lost 35.71 points, or 0.3%, to 13,135.01. The S&P 500 index declined 5.87 points, or 0.4%, to 1,413.58, with technology the leading laggard and natural-resources the best performing of its 10 industry sectors. the Nasdaq Composite lost 20.83 points, or 0.7%, to 2,971.33.
Currencies and Commodities
The dollar rose 0.23% at 83.7100 yen in the currency market. The euro is losing 0.02% at $1.3161 while the pound is appreciating 0.18% to $1.6203. Gold is down $4.50 to $1,692.60, while silver is off 0.14% at $32.26. Light, sweet crude for January is falling 10 cents to $86.64 per barrel on the NYMEX; a 0.12% decline.