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CNN Live At Daybreak

Futures to the Down Side Again Today

Aired November 28, 2001 - 06:15   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: Focusing now on the business flow. We're going to bring in David Haffenreffer to explain matters of business. And, David, right off of the top, I have one that I just don't get.

DAVID HAFFENREFFER, CNN FINANCIAL NEWS CORRESPONDENT: All right.

KAGAN: OK. So here's what I'm going to put up to you. Now, looking at consumer confidence, not surprising that it is down fifth month in a row, but sales are up in October on things like cars and houses and retail sales. So how does that work? Don't those two usually go in the same direction?

HAFFENREFFER: They normally do, but there are so many facets of the consumer confidence number, a lot of them having to do with expectations as well. And really with that consumer confidence number that came out yesterday, it came out just shy of expectations, and I guess many people on Wall Street had been looking, perhaps hoping, for a better result. But not the case yesterday, and that certainly sent the markets down on the day.

KAGAN: And so, how are things looking for today?

HAFFENREFFER: At this point, we do have the futures to the downside once again. You have to remember that the past couple of days, excluding yesterday, were fairly strong ones for Wall Street. And the month of November has, so far, been a very, very strong one for the markets, so yesterday, a bit of profit taking. We had the Dow lower by just still below the 10000 level, but nonetheless, it was down 110 points, a triple-digit decline for the index itself.

KAGAN: And I bet you have something else in your bag of goodies for us.

HAFFENREFFER: We have loads of things in our bag of goodies, Daryn, for you today.

KAGAN: Let us have it.

HAFFENREFFER: We did -- we also have got oil shares very much in the spotlight today -- oil and gas companies today. We've got more evidence of weak demand here in the U.S. The latest report from the American Petroleum Institute showing oil stocks rising once again -- now 15 percent above last year's levels. And thanks to weaker-then- expected use during Thanksgiving, gas reserves are now more than 7 percent above a year-ago level. This is good news for the consumer, because it might see -- it might mean we'll see more relief at the gas pump.

That is a quick look at some of the business news headlines today -- Daryn, back to you.

KAGAN: All right, David Haffenreffer -- David, thank you.

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