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CNN Live At Daybreak

Stock Futures Deteriorate, Point to Lower Opening

Aired October 26, 2001 - 06:44   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.
DARYN KAGAN, CNN ANCHOR: Another look at business with David Haffenreffer in New York.

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

Well, the stock index futures have been slowly deteriorating as the morning has been proceeding here, although we do have quite some time now to go before the opening bell rings today. But at this point, it appears as though we'll be in store for a bit of a pull back at the opening bell this morning.

A couple of economic reports due out later on today could help share -- shape the direction of trading. At 9:45 a.m. Eastern Time, the University of Michigan releases its revised consumer sentiment survey. A slight uptick is expected for the month of October. Then, at 10:00 a.m., we'll get September new homes sales. A sharp decline is expected, since analysts say purchases essentially dried up for the entire week following the September 11 attacks.

A report yesterday showed existing home sales tumbled more than 11-and-a-half percent last month, the biggest decline in six years. That report, along with a sharp drop in durable goods and higher-than- expected weekly jobless claims, led to an early sell off on Wall Street, but by the session's end, bargain hunters came back in, sending the Dow industrials up 117 points. The Nasdaq surged 2-and-a- percent, closing at its second consecutive post-terrorist attack high.

That is a quick check on business news on this Friday morning.

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