Before the bell: Stocks to retreat on economic concerns

Posted Dec 3rd 2008 7:31AM by Melly Alazraki
Filed under: Before the Bell, International Markets, Market Matters, Economic Data, Oil

U.S. stock futures were lower Wednesday morning, seeming unlikely to continue Tuesday's rally as a warning from Research in Motion only added to economic concerns that will be in focus today as more indicators are released.

Overseas, global stock indexes were mixed with most major Asian markets finishing in positive territory, but with European markets trading lower by midday. Meanwhile, oil prices rebounded slightly from a three-year low back near $48 a barrel. Weekly inventory report is due out today.

Several economic indicators will be released today: First, a little after 8 am, ADP's estimate for November employment is due. Then, at 8:30 am, a revision to third-quarter productivity will be released. At 10 am, the November reading of the Institute of Supply Management's non-manufacturing index, a barometer of the services sector, will be reported. It is expected to contract further. Finally, at 2 pm, the Fed's Beige Book will be made public. The book contains more evidence on the economy.

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