Before the Bell: Will Google, GE be able to rally the market?

U.S. stocks are poised to open lower as investors were spooked by bearish economic data from the U.K. that showed the economy there is in its worst shape since 1980 when Margaret Thatcher was Prime Minister. Concerns continue to linger about the U.S. economy and the potential nationalization of banks.

Markets may be bolstered by the in-line earnings report from General Electric Co. (NYSE:GE). Chief Executive Jeff Immelt reaffirmed the company's commitment to a "AAA" rating and its dividend. Investors were skeptical that either would be maintained. The conglomerate's results overall were poor.

Profit from continuing operations fell 43% to $3.87 billion, or 36 cents per share. Revenue fell 4.8% to $46.2 billion. Bloomberg News notes that GE shares traded at their lowest level since 1996 as investors worried about the impact of the economic slowdown on the company, in particular GE Finance.

Other stocks that may move include Google Inc. (NASDAQ: GOOG), which reported better-than-expected earnings allaying concerns that decliniing advertising spendnig would hurt the world's largest search engine. Whether the company will continue to weather the storm well remains to be seen. Google has been cutting costs as well, recently eliminating some recruiter postions and closing offices.

The litany of job cut announcements continue. Harley-Davidson Inc. (NYSE: HOG) plans to cut 1,100 over the next two years. after reporting worse-than-expected earnings. Playboy Enterprises Inc. (NYSE: PLA) is firing an unspecified number of workers to cut costs. There is no word if this move includes founder Hugh Hefner's former girlfriends from "The Girls Next Door." Xerox Corp. (NYSE: XRX) reported disappointing results after taking a big writedown for layoffs.

This week's rough week is not going to get any easier.