Stocks are pointing toward another down open today, as overseas markets followed yesterday’s U.S. selling with selloffs of their own. And there isn’t any economic news this morning with enough weight to arrest the downside momentum.

Bristol-Myers Squibb Co. is the latest target of accounting worries after the Financial Times reported that regulators are investigating its accounting, with up to US$1 billion worth of sales in question.

In earnings news, Abbott Laboratories saw its second-quarter net income jump 12% on stronger sales. Marriott International Inc. reported a flat profit picture. As well, retail heavyweight Wal-Mart Stores Inc. raised its profit forecast.

The only economic news out today is the New Housing Price Index, which rose 0.6% in May from April. The index of contractors’ selling prices increased 4.2% from May 2001, continuing the rise in year-over-year gains.

In Europe, stocks are down led by financial issues. Analysts have turned on insurers, sparking selling in names such as Axa SA, Munich Re and Swiss Reinsurance Co. Also, Deutsche Bank AG is said to be on the hook for US$200 million in loan losses on WorldCom Inc.

The FTSE is down 77 points on the day to 4,343. The CAC 40 slid 74 points to 3,582. And, the DAX is down 56 points to 4,134.

Overnight in Asia, traders felt the selling pressure, too. The Nikkei finished down 267 points to 10,486. The Hang Seng dropped 229 points to 10,559.

In local earnings news, Micrologix Biotech Inc. reported a fourth quarter loss of $5.8 million, bringing the loss for fiscal 2002 to $19.9 million. Compared with losses of $4.3 million and $11.7 million in 2001, respectively.