Before the bell: Stock futures lower ahead of retail data, reacting to Citi's news

Posted Nov 14th 2008 7:36AM by Melly Alazraki
Filed under: Before the Bell, International Markets, Market Matters, Economic Data

U.S. stock futures were once again lower Friday morning as Thursday's rally following a volatile session seems to be unsustainable as economic news from around the world continue to indicated to further gloom. While global markets rallied on the heel of Wall Street's rally, there was also news the Euro-zone is in recession as the 15 countries' economies shrank -- by 0.2% -- for a second straight quarter. G-20 leaders are gathering this weekend to explore options to help the global economy and prevent such financial calamities from happening again. Meanwhile, oil slipped below $58 a barrel Friday after rising overnight.

In the U.S. news of massive layoffs at Citigroup greeted investors this morning, as they awaited a what will likely be a gloomy October retail sales report. Also today, October import, export prices will be released ahead of the bell. September business inventories and November consumer confidence from the University of Michigan will be released after the open.

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