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CNN Live Event/Special

Futures Pointing to a Weaker Open Today

Aired October 01, 2001 - 05:49   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL LIN, CNN ANCHOR: Still working there and obviously things continuing on Wall Street as the economy feels the effects of this disaster.

David, what are you seeing in today's market?

DAVID HAFFENREFFER, CNN FINANCIAL NEWS CORRESPONDENT: Well at least at this point, Leon and Carol, it looks as though the futures are pointing to a weaker open for us on this first day of the fourth quarter. We've got Dow futures down 57 points. Nasdaq 100 index futures lower at this hour by 17 points.

Last week the stock market did, though, follow one of its worst weeks with one of its best on a strong rally on Friday. The Dow Jones industrial average jumping 166 points. For the week, it climbed more than 7 percent. Now that helped the market to recover nearly half its losses from the September terrorist attacks. The Nasdaq was up 38 points, a gain of 5 percent. The S&P 500 index rose 22 points to 1,040 finishing the week up almost 8 percent, an impressive gain.

The Federal Reserve meets tomorrow in Washington, and Wall Street is expecting, for the most part, an interest rate cut of at least a quarter point. It would be the ninth cut this year. Remember the Fed did cut -- unexpectedly cut rates by half a percentage point on September 17, the first day stocks traded after the terrorist attacks in New York City and Washington, D.C.

Some major economic reports are coming out this week. The most important today is the National Association of Purchasing Management Index. It is a key gauge of the manufacturing sector and economists are expecting another decline. Auto manufacturers will also release their vehicle sales for the month of September today. Analysts expecting a dramatic plunge as sales halted in the wake of the terrorist attacks.

And that is a quick look at business news this morning.

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