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CNN Live At Daybreak

Stock Index Futures Pointing to Pullback this Morning

Aired May 02, 2002 - 06:18   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 COSTELLO, CNN ANCHOR: Let's head live to New York City now for a check on business. Allan Chernoff is with us this morning.

Good morning, Allan.

ALLAN CHERNOFF, CNN FINANCIAL NEWS CORRESPONDENT: Morning, Carol.

Well at this point it looks like the rally is in danger of ending after two sessions on Wall Street. So far stock index futures are pointing to a pullback this morning. With Wall Street still jittery about the outlook for corporate profits, we could see traders cash in on Tuesday's and Wednesday's run up.

Yesterday the market started off slow but thanks to strong numbers on auto sales late in the day, blue chips once again raced ahead with a triple-digit rally. The Dow closed up 113 points, about 1 percent, recovering from an earlier drop of 115 points. But technology stocks struggled. The Nasdaq composite, as you see, fell about 11 points.

There are a number of economic reports due today that could sway investors. At 8:30 Eastern Time economists are looking for another decline in first-time jobless claims, down 16,000 last week. Also on tap, the latest data on factory orders at 10:00 Eastern. The forecast there is for a slight increase.

And that is a quick check on business.

Carol, back to you.

COSTELLO: Thank you very much, Allan. We have to talk thongs now.

We'll check back with Allan in a bit.

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