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When oil lost almost $3 a barrel, stock futures indicated a lower opening for today. Just shy of 5 AM, S&P 500, Down Jones, and Nasdaq 100 futures were all off 0.9%. The drop in oil to $64 a barrel has called into question any projections of a quick economic recovery -- as if high unemployment weren't enough. The Monday after any long weekend is hard, and this one's going to hurt.
The direction in which futures are pointing continues Thursday's equity declines in the United States, bringing the S&P 500 its third consecutive weekly loss. For the day, it lost 2.91%. The Dow Jones Industrial Average lost 2.63% of its value, with the Nasdaq Composite Index giving up 2.67%. Year-to-date, the DJIA is down 5.6%, the S&P 500 down 0.8%.
In Europe, the market reached a seven-week low today, with BP (NYSE: BP) and Royal Dutch Shell (NYSE: RDS.A) pulling the rest down. When oil prices go down, it doesn't pay to be in the oil business.
Back in the United States, watch for some action in:
- General Motors' (OTC: GMGMQ) bankruptcy sale was approved by a U.S. judge Sunday, so the company will be able to protect its most profitable assets, making a departure from this wretched state a tad easier.
- Bemis Inc. (NYSE: BMS) is buying Rio Tinto's (NYSE: RTP) American food packaging business for $1.2 billion.
- PepsiCo Inc. (NYSE: PEP) has promised to invest $1 billion in Russia over the next three years.
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