MarketWatch: Wall Street Goes to the Bears

[marmar]

U.S. stock futures struggle on oil, UPS warning
By Steve Goldstein, MarketWatch



LONDON (MarketWatch) - U.S. stock futures pointed to further losses on Tuesday with a Federal Reserve interest rate decision looming, a further climb in oil prices and a profit warning from UPS.

S&P 500 futures fell 6.9 points to 1,311.40 and Nasdaq 100 futures fell 13.75 points to 1,904.25. Dow industrial futures fell 61 points.

U.S. stocks ended Monday roughly at the same level as Friday's downbeat session, as some takeover activity was offset by the familiar concerns over energy prices and financial sector health. The Dow industrials ended a fraction of a percentage point lower, and the S&P 500 was up a sliver. The Nasdaq Composite dropped 20 points.

Tom Hougaard, chief market strategist at City Index in London, said it was worrying that after Friday's big drop, that short-sellers didn't come in on Monday and take profits by buying stock and that bargain hunters didn't enter the market.

There are still bulls around, however. "We see no early end to this volatility, but we do still feel that a second-half rally is not just possible but likely," said Kevin Gardiner, head of equity strategy at HSBC.

Crude oil futures tacked on gains, with the lead contract up $1.41 to $138.15 a barrel in electronic trade on Tuesday.

Tuesday marks the start of a two-day meeting from the Federal Reserve, with no word expected from the central bank until Wednesday. Also on tap: the S&P/Case-Shiller and Ofheo house price indexes as well as June consumer confidence data. ......(more)

The complete piece is at: http://www.marketwatch.com/news/story/us-stock-futures-struggle-oil/story.aspx?guid=%7BE4E01880%2D80FD%2D4DDA%2DA28E%2DDB757408184F%7D

[NightWatcher]

1. On CNBC: Dow Chemical to temporarily halt production or idle plants

they have also said they will raise prices by as much as 25% and will charge a freight surcharge of 300$ per truck (and 600$ per rail) shipment.

Their CEO is on now....oh and yes it is due to rising oil prices