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Futures Move Lower After Last Week's Rally

CNBC.com
Monday, 10 Aug 2009 | 8:47 AM ET

Futures indicated a lower open for the U.S. stock market Monday, and the dollar and European stocks slipped after a strong performance last week following better-than-expected U.S. jobs data.

Wall Street is on a roll as we start a new week. The major averages have risen for four consecutive weeks, with the Dow closing at its highest since November after Friday's nearly 114-point gain, and the S&P 500 and the Nasdaq registering their highest closes since October.

No major economic statistics are on the calendar, though investors are already looking ahead to a two-day meeting of Federal Reserve policymakers that begins Tuesday. The Fed's latest interest rate pronouncement and economic statement come on Wednesday afternoon at approximately 2:15 pm New York time.

After the U.S. unemployment rate fell in July for the first time in 15 months, bets on the central bank raising interest rates from 0-0.25 percent by the year-end increased to as high as a 46 percent chance from 34 percent shortly before the data, according to Reuters.

Earnings season has slowed down, but a few familiar names will report quarterly numbers this morning, including satellite TV provider Dish Network and food service company Sysco , not to be confused with similar-sounding Dow component Cisco .

Warren Buffett's Berkshire Hathaway could be a stock to watch, after posting its best quarterly results in nearly two years after the bell on Friday.

The U.S. Treasury will auction $75 billion in new government bonds, while Germany is due to issue 6 billion euros of the benchmark 10-year Bund on Wednesday.

- Peter Schacknow contributed to this report.

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AFF
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BRK.A
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DISH
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SYY
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