U.S. stock futures are pointing to a lower open this morning on Wall Street as the bears seem to getting ready to continue yesterday’s profit taking. All eyes this morning are going to be watching the The Institute for Supply Management when it issues a reading on business activity in the U.S. service sector. Analysts are expecting to see the report show slower growth in September.
Any signs of weakness in the service sector could, along with Monday’s a weaker-than-expected reading on the manufacturing sector, provide more reasons for the Fed to further reduce interest rates.
Yesterday we looked at oil prices, which had dropped to under the psychological $80 barrier. Towards the end of yesterday’s trading oil was able to close the session at $80.05 and have picked up another $0.42 today to $80.47. The Energy Dept. will release it weekly inventory report for last week later this morning, and we will keep a watch out for that data to come in and get a better idea of where we can expect to see oil prices heading over the next couple sessions.
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