Here’s what you might need to know to start the day… to understand the gyrations in the RegMed universe’s market! It might provide food for thought …
Wall Street is set to open sharply lower Monday, 9/19/11 as concerns escalated over the possibility of a Greek debt default, while the spotlight in the US will be on President Obama’s plan to reduce the federal deficit.
Futures on the Dow dropped 139 points to 11,307 and those on the S&P’s 500 stock index fell 18.2 points to 1,193.60. Nasdaq 100 futures declined 33.5 points to 2,273.70.
Asian stocks dropped Monday and EU equity markets also fell sharply and the pan-EU Stoxx 600 index is down 1.8% in mid-day trade. The ASE Composite index inAthensfared even worse, slumping 2.8%.Japan’s markets were shut for a public holiday.
Bottom Line: Stocks and US futures fell, sending the MSCI All-Country World Index lower for the 1st time in 5 days, as the euro weakened amid concern about Greece’s debt. The Greek situation could be coming to a head. A hair cut might be needed for Greece if they don’t receive additional funding which … could create a domino effect in countries like (PIGS) Spain, Italy and Portugal. Fear is still the motivating factor in the market!
EconRecon: On the economic calendar, the NAHB Housing Market Index for September is due shortly after the market opens.
Another week of contrition for past spending; does praying for better days ?