Futures Slide Amid Ongoing Global Worries
Futures were lower Friday after Thursday's steep sell off amid continuing worries over a global economic slowdown and as investors cautiously waited for further developments in the euro zone.
Under pressure from investors to show action, finance ministers and central bankers from the Group of 20 economies said they would take all steps needed to calm the stresses wracking the global financial system."We commit to take all necessary actions to preserve the stability of banking systems and financial markets as required," the G20 said in a communique after a dinner meeting that focused on the European debt crisis.
In Europe, Moody's downgraded the ratings of eight Greek banks by two notchesciting a struggling domestic economy and declining deposits among reasons for the move.
Hewlett-Packard named former eBay chief Meg Whitman as its new President and CEO, replacing the harshly criticized Leo Apotheker in a bid to restore investor confidence in the IT giant.
McDonald's announced a quarterly cash dividend increase by almost 15 percent to 70 cents a share.
Facebook unveiled new ways for users to listen to music and watch TV, on Thursday, offering tie-ups with the likes of Spotify and Hulu, as it attempts to make media an integral part of its social networking service.
The media push comes as Facebook faces fresh competition from Googlewhich in June launched a rival social networking service, Google+.
And on the earnings front, Nike climbed after the sports apparel maker beat earnings and sales expectations, helped by strong revenue and price increases.
Meanwhile, KB Home posted a wider-than-expected quarterly loss as home deliveries declined by almost a third.
Meanwhile, PNM Resources said it plans to sell Texas-based electricity provider First Choice Power to Direct Energy for $270 million, as it looks to return to its core pure-play electric utility business.
Republicans in the U.S. House of Representatives regrouped to approve a must-pass spending bill, but the prospect of a government shutdown re-emerged as Democrats said it would go nowhere in the Senate.
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Coming Up Next Week:
MONDAY: chicago Fed nat'l activity index, Fed's Bullard speaks, new home sales, Dallas Fed mfg survey, Obama LinkedIn town hall
TUESDAY: S&P/Case-Shiller home price index, consumer confidence, Fed's Lockhart speaks, 2-yr note auction; Earnings from Walgreens
WEDNESDAY: Weekly mortgage apps, durable goods orders, oil inventories, 5-yr note auction; Earnings from Darden Restaurants
THURSDAY: GDP, jobless claims, Fed's Rosengren speaks, corporate profits, pending home sales, 7-yr note auction, farm prices; Earnings from Micron
FRIDAY: Personal income & outlays, Chicago PMI, consumer sentiment, Fed's Bullard speaks
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