Futures Slide as Focus Returns to Euro Zone
Futures declined Friday following the Thanksgiving holiday as investors returned to focusing on the euro zone debt crisis.
The stock market will close at 1 pm ET in a shortened trading session Friday.
With no economic data due, developments in Europe will once again dominate market moves.
European stockswere down after German Chancellor Angela Merkel reiterated her opposition to issuing joint euro zone bonds. Investors remain nervous that a permanent solution will not be found.
An Italian T-bill auction offered a fresh indication of investors’ lack of confidence in the country’s newly-appointed government and broader fears that the euro zone debt crisis cannot be contained. Yields shot up to new euro era highs.
A failed German bond auction earlier this week spooked markets and stoked fears that not even the euro zone’s strongest performers are immune from the debt crisis.
America’s biggest shopping day of the year is expected to see a record number of shoppers flock to the stores.
Macy's , Best Buy , Wal-Mart among other retail giants will be in focus.
In company news, AT&T said it would take a $4 billion charge in case its takeover of T-Mobile USA fails. It will continue to pursue the deal, however. Regulators oppose the deal, which would reduce the number of national mobile carriers to three while consumers are struggling to make ends meet and unemployment rises.
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