The Day Ahead: Futures Down Ahead of Slow Data Day
ByPosted To: MND NewsWire
Less than an hour before the opening bell, futures on the S&P 500 are down 10 points to 1,103 and the 10 year Treasury note is up 14/32 yielding 3.373%. The Wall Street Journal reports this morning that Moody’s wants the US and the UK to prove their ability to reduce budget deficits in order to maintain AAA credit ratings. “In a report released on Tuesday, Moody's set the two countries apart from other top-rated sovereign borrowers, calling them merely ‘resilient’ rather than ‘resistant,’ a label it applied to Canada, France and Germany, where public finances are in better shape.” Recap: Yesterday, Fed chairman Ben Bernanke reiterated that the economy is seeing some pickup in activity but that “formidable headwinds” remain. The jobless…(read more)