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Hissyspit Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 05:12 PM
Original message
U.S. Stock Index Futures Fall More Than 2.5 Percent
Edited on Sun Aug-07-11 05:37 PM by Hissyspit
Source: Reuters

@Reuters: FLASH: U.S. stock index futures open sharply lower after S&P credit downgrade

US STOCKS SNAPSHOT-Futures open down 2 pct after S&P downgrade

Sun Aug 7, 2011 6:06pm EDT

NEW YORK, Aug 7 (Reuters) - U.S. stock index futures opened sharply lower on Sunday in the first trading for domestic equities after Standard & Poor's cut the country's AAA credit rating.

Futures for all three major indexes sank more than 2.5 percent.

The cut in the U.S.'s long-term credit rating by a notch to AA-plus was unprecedented and resulted from concerns about the nation's budget deficits and climbing debt burden. While the move didn't come as a complete shock, it is likely to eventually raise borrowing costs for the American government,
companies and consumers.

S&P 500 futures SPc1 fell 32.8 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures DJc1 slumped 287 points and Nasdaq 100 futures NDc1 lost 57 points.

(Reporting by Ryan Vlastelica, Editing by Chizu Nomiyama)

Read more: http://www.reuters.com/article/2011/08/07/markets-stock...
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Brickbat Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 05:14 PM
Response to Original message
1. Reuters must have a summer intern in charge of the FLASH button.
Because damn, that is not a FLASH.
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Poll_Blind Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 05:16 PM
Response to Original message
2. This is from the Tel Aviv Tumble earlier, right?
PB
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dipsydoodle Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 05:19 PM
Response to Reply #2
3. Proably unassociated
albeit for a similar reason - pessimism.
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Ruby the Liberal Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 06:16 PM
Response to Reply #2
10. What happened in Tel Aviv today?
Analysts over the weekend were talking about how, of all the economies on the globe, theirs is the most tied to ours.
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Poll_Blind Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 06:23 PM
Response to Reply #10
12. Their market took a serious dive, at 6-7% they had to halt trading (LINK)
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Ruby the Liberal Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 06:36 PM
Response to Reply #12
14. Oh crikey! They aren't open on Fridays
So this is their reaction to our Thursday drop as well as the S&P and the internal unrest.

Thanks for the links.
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Poll_Blind Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 06:38 PM
Response to Reply #14
15. Remember, though, if the perception that our downgrade would affect....
Edited on Sun Aug-07-11 06:38 PM by Poll_Blind
...US Loan Guarantees then they could have a rougher ride than we do, overall.

PB
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Ruby the Liberal Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 06:40 PM
Response to Reply #15
16. I thought those were already set to expire at the end of the year?
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Poll_Blind Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 11:19 PM
Response to Reply #16
26. Sorry for taking so long to respond, Ruby. I am/was under the belief that these will be...
...extended as they were extended a while ago. Israel still has money left on their account which they can borrow based on US credit (which is the first reason I'm thinking this) and I believe the administration was threatening not to extend them this year (which was the second reason).

PB
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Ruby the Liberal Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-08-11 12:58 AM
Response to Reply #26
27. Ah - gotcha. Thanks!
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bikebloke Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 07:13 PM
Response to Reply #10
22. All the Mid East markets took a dive today.
Tel Aviv took the biggest plunge. Saudi Arabia not so much. The others in between.
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truthisfreedom Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 05:20 PM
Response to Original message
4. The Tea Party stock crash of 2011.
Repeat liberally.
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high density Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 05:20 PM
Response to Original message
5. wake me up when it's 25% NM
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Poll_Blind Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 05:27 PM
Response to Original message
6. Does "...it is likely to eventually raise borrowing costs for the American govt."
...mean a raise in the Prime Interest Rate?

PB
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rdking647 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 05:39 PM
Response to Reply #6
7. nope
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Javaman Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 05:39 PM
Response to Original message
8. Here we go...
monday is shaping up to be a grand day.
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Turbineguy Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 05:56 PM
Response to Original message
9. As of about 1830
Edited on Sun Aug-07-11 06:01 PM by Turbineguy
DJIA INDEX 11,133.00 -269.00 11,187.00 11,187.00 11,093.00 18:27
S&P 500 1,168.60 -29.20 1,198.80 1,172.80 1,161.00 18:28
NASDAQ 100 2,137.00 -50.00 2,155.50 2,155.50 2,128.75 18:27
S&P/TSX 60 689.60 -11.00 693.00 705.00 674.00 08/05
VALUE CHANGE % CHANGE TIME
Nymex Crude Future 84.24 -2.64 -3.04 18:31
Nymex Henry Hub Future 3.90 -0.04 -1.01 18:30
Gold 100oz Future (USD/t oz.) 1,690.60 38.80 2.35 18:30
UBS Bloomberg CMCI 1,646.54 -13.59 -0.82 08/05
More Commodities
Currencies
CURRENCY VALUE CHANGE % CHANGE DATE/TIME
EUR-USD 1.4320 0.0039 0.2692% 18:41
USD-JPY 78.2753 -0.1248 -0.1591% 18:41
GBP-USD 1.6427 0.0036 0.2221% 18:41
USD-CAD 0.9853 0.0032 0.3304% 18:41
More Currency Rates
Government Bonds
COUPON MATURITY PRICE/YIELD PRICE/YIELD CHANGE TIME
US 10-Year 3.125 05/15/2021 104-27+ / 2.56 -1-12+ / 0.156 08/05
Australia 10-Year 5.750 05/15/2021 109.83 / 4.47 2.091 / -0.255 18:40
Brazil 10-Year N.A. 883.11 / 0.00 N.A. / N.A. 08/05
Germany 10-Year 3.250 07/04/2021 107.90 / 2.35 -0.425 / 0.046 08/05
Japan 10-Year 1.100 06/20/2021 100.88 / 1.01 0.144 / -0.016 08/05
UK 10-Year 3.750 09/07/2020 108.53 / 2.69 -0.050 / 0.005 08/05

I was looking for something greater than -750 That was the DOW drop of the first trading day after Sept 11, 2001. So this means that the Tea Party is only one third as bad an enemy of the US as Al Qaeda.

Obama has pretty much emasculated them. Perhaps he would now be so kind as to turn his attention to the GOP.
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TwilightGardener Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 06:20 PM
Response to Original message
11. Tea assholes are costing me retirement money. I hate every goddamn one of them.
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Purveyor Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 06:31 PM
Response to Original message
13. Gold is up $20.37 to $1683.76...
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formercia Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 07:09 PM
Response to Original message
17. U.S. stock futures drop in Asian trading
Source: WSJ

Market Pulse Archives

Aug. 7, 2011, 6:46 p.m. EDT


By Sarah Turner

SYDNEY (MarketWatch) -- U.S. stock futures were trading sharply lower in Asian trading hours on Monday after rating agency Standard & Poor's lowered its rating on U.S. debt to AA+ from AAA late Friday. In addition, Europe is continuing to struggle to contain its sovereign debt woes and said over the weekend it will actively implement its bond-buying program in an effort to calm markets. Dow Jones Industrial Average futures were down 248 points at 11,156, Nasdaq 100 futures fell 42.25 points to 2,144.75 while S&P 500 futures dropped 25.90 points to 1,171.90. Oil futures fell $2.41 to $84.47 a barrel in Nymex electronic trading while investors sought the safety of gold, pushing futures in the precious metal up $35.40 at $1,687.30 an ounce.



Read more: http://www.marketwatch.com/story/us-stock-futures-drop-...



Going to be a rough Day Tomorrow.
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Taverner Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 07:09 PM
Response to Reply #17
18. Just remember, the Tea Party did this nt
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 07:09 PM
Response to Reply #18
20. yup
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formercia Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 07:09 PM
Response to Reply #18
21. The T(errorist) Party, Methinks. n/t
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Amonester Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 07:30 PM
Response to Reply #18
24. Yep. The Tea Roarist Party did this, and...
many other misdeeds also, past, and present (and future, if not contained in time).
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dipsydoodle Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 07:09 PM
Response to Reply #17
19. Duplicate LBN ?
Edited on Sun Aug-07-11 06:55 PM by dipsydoodle
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Fuddnik Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 07:27 PM
Response to Original message
23. Asian turning red right off the opening.
http://finance.yahoo.com/intlindices?e=asia


^AORD All Ordinaries 4,107.90 8:07PM EDT Down 61.80 (1.48%) Components, Chart, More
^SSEC Shanghai Composite 2,626.42 Aug 5 Down 57.62 (2.15%) Chart, More
^HSI Hang Seng 20,946.14 Aug 5 0.00 (0.00%) Components, Chart, More
^BSESN BSE 30 17,305.87 Aug 5 0.00 (0.00%) Chart, More
^JKSE Jakarta Composite 3,921.64 Aug 5 0.00 (0.00%) Components, Chart, More
^KLSE KLSE Composite 1,524.43 Aug 5 0.00 (0.00%) Components, Chart, More
^N225 Nikkei 225 9,158.56 8:07PM EDT Down 141.32 (1.52%) Chart, More
^NZ50 NZSE 50 3,176.28 8:12PM EDT Down 100.22 (3.06%) Components, Chart, More
^STI Straits Times 2,994.78 Aug 5 0.00 (0.00%) Components, Chart, More
^KS11 Seoul Composite 1,929.01 8:07PM EDT Down 14.74 (0.76%) Components, Chart, More
^TWII Taiwan Weighted 7,853.13 Aug 5 0.00 (0.00%) Chart, More
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BREMPRO Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-07-11 07:51 PM
Response to Original message
25. watching cnbc.. now futures down only 1.4%.. n/t
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