Return to Transcripts main page

CNN Live At Daybreak

Despite Yesterday's Gains, Stock Futures Point to Lower Opening

Aired October 26, 2001 - 06:13   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.
LEON HARRIS, CNN ANCHOR: Time to get a check of the morning's business headlines.

DARYN KAGAN, CNN ANCHOR: There you go -- hey, Dave.

HARRIS: Good morning, David.

DAVID HAFFENREFFER, CNN FINANCIAL NEWS CORRESPONDENT: Hi, Leon. Hi, Daryn.

Well, we're hoping here -- crossing our fingers -- that maybe the markets can have some follow-through momentum to what we saw in yesterday's session. However, at this early hour, the stock index futures are not pointing to that. We do have the Dow industrial, Dow 30; also the Nasdaq 100 index and the S&P 500 index futures all pointing to a lower open for us today.

Of course, that follows yesterday's big come back on Wall Street, when the Dow industrials managed to turn a triple-digit loss into a triple-digit gain. The blue chip average closing up 117 points; the Nasdaq surging 2-and-one-half percent.

Now, the early drop was sparked by some dismal economic data out early yesterday morning, and there are more readings coming out this morning. The University of Michigan's revised consumer sentiment survey for the month of October is due out this morning at 9:45 a.m. Eastern Time. That will be one to watch. Also, September's new home sales report follows at about 10:00 a.m. Eastern Time.

A handful of earnings are also due out today, as earnings seasons continues to roll along on the Street. We are getting one from Lockheed Martin, which will be very much in the news today. The company -- rather the Pentagon will be announcing which contractor will build its next-generation fighter jet: Lockheed or Boeing. The deal will mean at least $200 billion to either company for five years. Both companies have been designing, engineering and testing their new fighter jets.

So that will be one to watch a little bit later on today. I believe that announcement is expected shortly after the closing bell -- Daryn and Leon, back to you.

KAGAN: Thanks very much. HARRIS: All right. Thanks, David. We'll check back with you later on in a few minutes.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.