- AIG, Ex-CEO Greenberg Reach Pact to Settle Disputes
- Bank of America CEO Search May Extend Into 2010
- 'Cancer of Fraud' Permeates Health Care System: Critics
- US Mint to Suspend American Eagle Gold 1-Ounce Coins
- Judge Erases Couple's $525,000 Mortgage Payment
- For Many in US, It Will Be a Scaled-Down Holiday Season
- Where Do Pardoned Turkeys Go?
- Jobless Claims Below 500,000, Durable Orders Slip
- Activision Prepares to Double Dip on ‘Modern Warfare 2’
- 4 Thanksgiving Week Buys For Your Portfolio: Market Pros
- There's a 'Great Chance' For a Double-Dip Recession: Strategist
- Revenge of the Gangsta Nerds
- Will TCU See The "Flutie Effect?"
- Retail Earnings and Sales to Improve in Q4: Analyst
- Consumers Catching the Holiday Spirit
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
MOST SHARED
- Garlic Price Rises Surpass Gold, Stocks in China
- New-Home Sales Jump 6.2% To Highest Level in Over Year
- S&P Stocks Trading at New 52-Week Highs
- US Plans to Reduce Emissions By 17% Within Next Ten Years
- Judge Erases Couple's $525,000 Mortgage Payment
- The Executive Job Search
- Where Do Pardoned Turkeys Go?
- Salvation Army's Kettles Now Credit Card-Ready
- US Mint to Suspend American Eagle Gold 1-Ounce Coins
- Activision Prepares to Double Dip on ‘Modern Warfare 2’
Text Size 
Stock index futures were indicating a sharp loss Monday for Wall Street, as investors worried over more displays of the retail slump and Citigroup prepared for huge job cuts.
"This baby is going down and it's going down fast," Tom Hougaard, chief market strategist at City Index, told CNBC when looking at the US futures.
"I see no reason for anyone picking up the baton this morning," Hougaard said.
When compared to fair-market value formulas, the major indexes were looking at drops of 2 percent or more at the open.
Details on job cuts at Citigroup [C
Loading...
()
] are expected at 8 am New York time when Citi CEO Vikram Pandit addresses employees.
CNBC reported that up to 50,000 job cuts are expected. Citi shares fell 2 percent in premarket trading.
US automakers can only wait as Congress debates bailing out the beleaguered sector. The contentious issue has divided opinion at a time when the economic slowdown is causing job cuts throughout the country.
General Motors, [GM
Loading...
()
] one of the companies most in need of cash, is already trying to raise funds by selling its 3 percent stake in Suzuki Motor for $232 million back to the Japanese automaker.
GM shares surged about 5 percent premarket while Ford [F
Loading...
()
] was up 2.8 percent.
And the prospects for the economy remained bleak as a survey from the National Association of Business Economists showed real gross domestic product was expected to fall by 2.6 percent in the fourth quarter. The recession would continue for the at least the first three quarters of next year, the survey said.
Meanwhile, JPMorgan Chase [JPM
Loading...
()
] is set to cut thousands of jobs from its global operations next year, UK newspaper The Sunday Telegraph reported. JPMorgan is likely to axe a similar amount of posts to its rivals, the paper said.
Kansas City Fed President Thomas Hoenig will speak at 9 am in New York on managing the financial crises. Also taking to the stage is Treasury Secretary Henry Paulson who will speak at 6.30 pm on markets and the global economy.
On the economic front, October's industrial production data is out at 9:15 am.
In earnings, Lowe's [LOW
Loading...
()
] shares were off about 1.2 percent premarket after the company's third quarter earnings beat estimates but the company cut its full-year outlook, a recurring theme in this quarter's retail earnings reports. Target [TGT
Loading...
()
] also is reporting earnings before the bell.
Print
Email
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
- Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- More shoppers than ever plan to comparison-shop this season. Who will benefit?
- It may be the most unusual guide to business you'll read.
- How can you get out of debt and back on the road to recovery? Follow these ten steps.
Data is a real-time snapshot *Data is delayed at least 15 minutes