Market indicators are pointing to a weak opening for markets, ahead of the long weekend.
New York futures are down this morning, after a U.S. report was released showing job growth in August that was slightly lower than economists expected. Despite the disappointment, the American job market brightened in August. Employers added 144,000 workers, says the U.S. Labor Department.
Meanwhile, in Europe the indexes are flat to lower.
Markets seem to be feeling the after-effect of a poor outlook from high-tech bellwether, Intel. After the close, yesterday, Intel said its third-quarter revenue would range from U.S.$8.3 billion to $8.6 billion. Management had forecast revenue ranging from $8.6 billion to $9.2 billion for the three-month period ending Sept. 25.
Asian stock markets closed mostly lower on the Intel news. Tokyo’s Nikkei Stock Average fell 130.26 points, or 1.17%, to 11,022.49. In Hong Kong, stocks fell 50.97 points, or 0.39%, to 12,948.1.
In New York on Thursday, a late-day rally sent New York blue chips up more than 100 points, but a weak showing by some financial and gold stocks in Toronto, depressed the main Canadian index.
The Dow industrial average surged 121.82 points to 10,290.28. The surge was inspired by easing oil prices, and optimism over an employment report. The Nasdaq composite index rose 23.02 points to 1,873.43, while the S&P 500 index advanced 12.4 points to 1,118.31.
In Toronto, the S&P/TSX composite index slid 21.26 points to 8,388.86. The TSX Venture Exchange dipped 4.29 points at 1,529.05.
The Canadian dollar rose 0.42 of a cent to U.S.76.94¢.
Markets expected to open lower
Futures down following Intel prediction of poorer than expected Q3 revenue
- By: IE Staff
- September 3, 2004 September 3, 2004
- 08:00