Wall Street would be set for a dampened opening even without the rain that's falling on New York City this morning. Stocks look ready to drop on the opening but so far without the look of fury that set up yesterday's wild morning selloff. Europe is mostly weaker, though the U.K. market was slightly higher. Asian markets were mostly lower overnight but China was up 1.2% and Hong Kong also moved higher.
Some of what's moving in the market this morning is a hangover of yesterday's news. Dell's stock fell after it reported sharply lower quarterly profits which CEO Michael Dell called "disappointing." AIG, also reporting late yesterday, rose after reporting results and a share buyback plan and increased dividend.
Send Your Resumes
Warren Buffett is someone we all watch. In his annual letter yesterday, he told shareholders he's looking for someone younger to take over for him as chief stock picker and investment guru when he's gone. He fretted that his second in line at 70-years-old is just a few years younger than him and is too old to hold the job for the many years he thinks it needs. Our Liz Claman will tell you all about Buffett's letter today, and you can see highlights of her recent interview with him from her special, the Billionaire Next Door on CNBC.com.
Time for Perspective
As traders assess their positions ahead of the weekend, we'll be talking about this week's market all day today and what it means for the stock market's future performance. On the Money will have a special show on the market tonight, and in case you forgot what it felt like to see the Dow down more than 500 points, check out the video at the top of CNBC.com.
Meanwhile, we're listening to the wisdom of Wall Street's gurus. Just today on Squawk Box, Laszlo Birinyi said we're probably in the middle of this selloff and it's still a time for caution. He also told Joe Kernen the market will be higher in the next couple of months. Earlier in the week, Goldman's Abby Joseph Cohen told us what the bulls like to hear and that is that the selloff, of course, brings better valuations.
Here's Something to Think About
We at CNBC obsess about the things we think you need to know to navigate the markets. One of the topics we have explored in depth recently is the question of how deep the problems are in the sub-prime mortgage market. Our managing editor Tyler Mathisen put some perspective around that on "On the Money" last night when he said sub prime is to CNBC what Britney Spears is to "Access Hollywood." Hmm. Maybe that's because we stick with a story on investments even when they've taken a haircut.